State of New Jersey Common Pension Fund D Trims Holdings in Alkermes plc (NASDAQ:ALKS)

State of New Jersey Common Pension Fund D decreased its holdings in Alkermes plc (NASDAQ:ALKS) by 12.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,575 shares of the company’s stock after selling 10,281 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Alkermes were worth $1,947,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Alkermes by 421.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,326,256 shares of the company’s stock worth $225,393,000 after buying an additional 6,730,671 shares during the last quarter. Armistice Capital LLC raised its position in Alkermes by 301.5% during the 2nd quarter. Armistice Capital LLC now owns 2,699,179 shares of the company’s stock worth $65,050,000 after buying an additional 2,026,961 shares during the last quarter. Pacer Advisors Inc. raised its position in Alkermes by 31.8% during the 2nd quarter. Pacer Advisors Inc. now owns 5,640,642 shares of the company’s stock worth $135,939,000 after buying an additional 1,362,079 shares during the last quarter. American Century Companies Inc. raised its position in Alkermes by 87.1% during the 2nd quarter. American Century Companies Inc. now owns 2,203,456 shares of the company’s stock worth $53,103,000 after buying an additional 1,025,905 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its position in Alkermes by 766.7% during the 2nd quarter. Affinity Asset Advisors LLC now owns 650,000 shares of the company’s stock worth $15,665,000 after buying an additional 575,000 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ALKS shares. Piper Sandler restated an “overweight” rating and set a $37.00 price objective (down previously from $38.00) on shares of Alkermes in a research report on Friday, October 25th. StockNews.com upgraded shares of Alkermes from a “hold” rating to a “buy” rating in a research report on Sunday, July 28th. Mizuho upped their price target on shares of Alkermes from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Robert W. Baird upped their price target on shares of Alkermes from $37.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $37.00 price target on shares of Alkermes in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.42.

Insider Transactions at Alkermes

In other news, EVP Craig C. Hopkinson sold 58,996 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.08, for a total transaction of $1,774,599.68. Following the transaction, the executive vice president now directly owns 83,300 shares in the company, valued at $2,505,664. This represents a 41.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.89% of the company’s stock.

Alkermes Price Performance

Alkermes stock opened at $28.19 on Monday. Alkermes plc has a 12-month low of $22.06 and a 12-month high of $32.88. The stock has a market capitalization of $4.56 billion, a P/E ratio of 14.46, a P/E/G ratio of 0.94 and a beta of 0.47. The firm’s 50-day moving average is $27.79 and its two-hundred day moving average is $26.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.45 and a quick ratio of 3.03.

Alkermes Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.