Corient Private Wealth LLC Cuts Stake in Alkermes plc $ALKS

Corient Private Wealth LLC lowered its holdings in shares of Alkermes plc (NASDAQ:ALKS) by 47.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 21,932 shares of the company’s stock after selling 19,431 shares during the quarter. Corient Private Wealth LLC’s holdings in Alkermes were worth $612,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Hsbc Holdings PLC lifted its stake in Alkermes by 20.4% in the fourth quarter. Hsbc Holdings PLC now owns 42,817 shares of the company’s stock worth $1,202,000 after purchasing an additional 7,269 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Alkermes in the 4th quarter valued at about $59,000. Mercer Global Advisors Inc. ADV purchased a new stake in Alkermes during the 4th quarter valued at about $256,000. Summit Global Investments grew its position in Alkermes by 48.8% during the 4th quarter. Summit Global Investments now owns 29,662 shares of the company’s stock worth $830,000 after acquiring an additional 9,724 shares during the last quarter. Finally, Vident Advisory LLC grew its position in Alkermes by 1.1% during the 4th quarter. Vident Advisory LLC now owns 82,294 shares of the company’s stock worth $2,303,000 after acquiring an additional 864 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Stock Performance

Shares of ALKS opened at $54.58 on Friday. The firm’s 50-day moving average price is $41.71 and its 200-day moving average price is $34.85. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of 60.65 and a beta of 0.34. The company has a current ratio of 2.27, a quick ratio of 1.70 and a debt-to-equity ratio of 0.85. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $55.28.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings results on Saturday, February 14th. The company reported $0.29 earnings per share (EPS) for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. The company had revenue of $384.55 million during the quarter. Sell-side analysts anticipate that Alkermes plc will post -0.43 EPS for the current year.

Wall Street Analyst Weigh In

ALKS has been the topic of a number of analyst reports. Zacks Research raised Alkermes from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Truist Financial upgraded shares of Alkermes to a “strong-buy” rating in a report on Wednesday, March 25th. TD Cowen lifted their target price on shares of Alkermes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. UBS Group upped their price target on shares of Alkermes from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Bank of America reissued an “underperform” rating on shares of Alkermes in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Alkermes currently has an average rating of “Moderate Buy” and an average price target of $49.62.

Insiders Place Their Bets

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $51.51, for a total transaction of $463,590.00. Following the transaction, the executive vice president owned 73,389 shares in the company, valued at approximately $3,780,267.39. This represents a 10.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $45.10, for a total value of $90,200.00. Following the completion of the transaction, the director directly owned 25,680 shares of the company’s stock, valued at $1,158,168. This represents a 7.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 35,102 shares of company stock worth $1,454,828. Company insiders own 4.59% of the company’s stock.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing innovative medicines to address unmet needs in the central nervous system (CNS). The company applies its proprietary drug delivery technologies and therapeutic expertise to advance treatments for addiction, schizophrenia, bipolar I disorder and depression. Alkermes’ portfolio includes both commercial products and a pipeline of investigational therapies designed to improve patient outcomes and support long-term disease management.

Alkermes’ commercial franchise features several approved products.