Wellington Management Group LLP Sells 155,362 Shares of Alkermes plc $ALKS

Wellington Management Group LLP lessened its stake in shares of Alkermes plc (NASDAQ:ALKS) by 5.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,814,804 shares of the company’s stock after selling 155,362 shares during the quarter. Wellington Management Group LLP’s holdings in Alkermes were worth $147,482,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cullen Frost Bankers Inc. bought a new position in shares of Alkermes in the fourth quarter valued at approximately $28,000. Johnson Financial Group Inc. purchased a new stake in Alkermes in the 3rd quarter worth approximately $31,000. UMB Bank n.a. boosted its holdings in Alkermes by 57.6% in the 4th quarter. UMB Bank n.a. now owns 1,220 shares of the company’s stock valued at $34,000 after purchasing an additional 446 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Alkermes by 1,041.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock valued at $37,000 after purchasing an additional 1,208 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of Alkermes by 33.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,445 shares of the company’s stock valued at $76,000 after purchasing an additional 366 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors.

Insider Activity at Alkermes

In related news, EVP David Joseph Gaffin sold 2,034 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total value of $98,811.72. Following the completion of the sale, the executive vice president owned 225,456 shares in the company, valued at $10,952,652.48. The trade was a 0.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $463,590.00. Following the completion of the sale, the executive vice president directly owned 73,389 shares of the company’s stock, valued at approximately $3,780,267.39. This represents a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 78,150 shares of company stock worth $3,899,414 in the last quarter. 4.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on ALKS. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target (up from $43.00) on shares of Alkermes in a report on Tuesday, July 28th. Robert W. Baird boosted their target price on Alkermes from $48.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Bank of America reiterated an “underperform” rating on shares of Alkermes in a research report on Monday, June 29th. Mizuho boosted their price objective on Alkermes from $53.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, July 2nd. Finally, UBS Group upped their price objective on shares of Alkermes from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Alkermes has an average rating of “Moderate Buy” and a consensus target price of $54.56.

Alkermes Trading Down 0.9%

Shares of ALKS stock opened at $46.99 on Tuesday. The business has a 50-day moving average price of $50.93 and a two-hundred day moving average price of $40.57. Alkermes plc has a 12-month low of $25.17 and a 12-month high of $55.67. The company has a quick ratio of 1.85, a current ratio of 2.30 and a debt-to-equity ratio of 0.82. The firm has a market cap of $7.88 billion, a P/E ratio of 123.66 and a beta of 0.34.

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.