Alkermes Plc (NASDAQ:ALKS) Sees Significant Decline in Short Interest

Alkermes Plc (NASDAQ:ALKS) was the recipient of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 10,500,000 shares, a decrease of 11.9% from the June 30th total of 11,920,000 shares. Approximately 6.7% of the company’s stock are sold short. Based on an average trading volume of 1,580,000 shares, the short-interest ratio is currently 6.6 days.

In other news, SVP Michael J. Landine sold 18,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $15.75, for a total value of $283,500.00. Following the sale, the senior vice president now directly owns 219,822 shares of the company’s stock, valued at $3,462,196.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Iain Michael Brown sold 6,250 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $15.39, for a total value of $96,187.50. Following the completion of the sale, the chief accounting officer now directly owns 44,831 shares in the company, valued at $689,949.09. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,250 shares of company stock worth $2,587,688. Insiders own 4.49% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Man Group plc increased its holdings in shares of Alkermes by 117.1% in the 4th quarter. Man Group plc now owns 259,645 shares of the company’s stock valued at $5,296,000 after acquiring an additional 140,064 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Alkermes by 9.0% in the 4th quarter. Alliancebernstein L.P. now owns 92,276 shares of the company’s stock worth $1,882,000 after buying an additional 7,643 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Alkermes by 4.2% in the 4th quarter. Macquarie Group Ltd. now owns 490,989 shares of the company’s stock worth $10,016,000 after buying an additional 19,900 shares in the last quarter. Norges Bank purchased a new position in Alkermes in the 4th quarter valued at about $33,046,000. Finally, Nuveen Asset Management LLC lifted its holdings in Alkermes by 25.4% in the 4th quarter. Nuveen Asset Management LLC now owns 468,183 shares of the company’s stock valued at $9,551,000 after purchasing an additional 94,688 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

ALKS has been the topic of a number of recent research reports. Goldman Sachs Group cut Alkermes from a “neutral” rating to a “sell” rating and cut their target price for the stock from $19.00 to $15.00 in a research note on Thursday. Piper Sandler lowered their price target on Alkermes from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, April 29th. HC Wainwright restated a “hold” rating and set a $23.00 price target on shares of Alkermes in a research note on Thursday. Stifel Nicolaus dropped their price objective on shares of Alkermes from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Finally, BidaskClub lowered shares of Alkermes from a “buy” rating to a “hold” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $20.00.

Shares of ALKS stock opened at $18.01 on Friday. The business’s fifty day simple moving average is $18.96 and its 200-day simple moving average is $17.35. The company has a market cap of $2.86 billion, a PE ratio of 60.03 and a beta of 1.50. The company has a current ratio of 2.95, a quick ratio of 2.36 and a debt-to-equity ratio of 0.26. Alkermes has a 12-month low of $11.98 and a 12-month high of $23.48.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Wednesday, July 29th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.19. Alkermes had a negative net margin of 10.87% and a positive return on equity of 4.47%. The business had revenue of $247.53 million for the quarter, compared to analyst estimates of $232.70 million. During the same period in the prior year, the company posted $0.09 EPS. The company’s revenue for the quarter was down 11.6% on a year-over-year basis. On average, equities analysts forecast that Alkermes will post -0.52 earnings per share for the current year.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. The company's marketed products include ARISTADA (aripiprazole lauroxil), an extended-release intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL (naltrexone for extended-release injectable suspension) for the treatment of alcohol and opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA for treating schizophrenia; and AMPYRA (dalfampridine)/FAMPYRA (fampridine) to enhance walking in adults with multiple sclerosis (MS) who have walking disability.

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