Summit Global Investments Lowers Position in Alkermes plc $ALKS

Summit Global Investments decreased its position in shares of Alkermes plc (NASDAQ:ALKS) by 60.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,691 shares of the company’s stock after selling 17,971 shares during the quarter. Summit Global Investments’ holdings in Alkermes were worth $413,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Baker BROS. Advisors LP boosted its stake in shares of Alkermes by 23.7% during the 4th quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock worth $280,143,000 after acquiring an additional 1,920,916 shares in the last quarter. State Street Corp raised its holdings in Alkermes by 10.9% in the 4th quarter. State Street Corp now owns 9,472,858 shares of the company’s stock worth $265,051,000 after purchasing an additional 932,507 shares during the period. Renaissance Technologies LLC raised its holdings in Alkermes by 6.0% in the 4th quarter. Renaissance Technologies LLC now owns 6,668,028 shares of the company’s stock worth $186,571,000 after purchasing an additional 375,500 shares during the period. JPMorgan Chase & Co. boosted its position in Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after purchasing an additional 1,256,377 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Alkermes by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 4,522,378 shares of the company’s stock valued at $159,850,000 after purchasing an additional 109,595 shares during the period. 95.21% of the stock is owned by hedge funds and other institutional investors.

Alkermes Stock Down 0.5%

ALKS stock opened at $52.58 on Thursday. The firm has a 50-day moving average of $46.32 and a two-hundred day moving average of $37.15. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 58.42 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 12 month low of $25.17 and a 12 month high of $55.67.

Analyst Upgrades and Downgrades

ALKS has been the subject of several research analyst reports. Bank of America reaffirmed an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. JPMorgan Chase & Co. started coverage on shares of Alkermes in a research note on Monday, July 13th. They issued a “neutral” rating and a $60.00 price target on the stock. Robert W. Baird boosted their price objective on Alkermes from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Wells Fargo & Company increased their target price on Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Finally, Weiss Ratings downgraded Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.50.

Insider Activity

In other news, EVP David Joseph Gaffin sold 2,034 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $43.05, for a total value of $87,563.70. Following the transaction, the executive vice president directly owned 229,524 shares in the company, valued at approximately $9,881,008.20. This represents a 0.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher I. Wright sold 2,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $45.10, for a total transaction of $90,200.00. Following the transaction, the director owned 25,680 shares of the company’s stock, valued at approximately $1,158,168. The trade was 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 valued at $1,494,410. 4.59% of the stock is currently owned by insiders.

Alkermes Profile

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.