New York State Teachers Retirement System Cuts Position in Alkermes plc $ALKS

New York State Teachers Retirement System cut its holdings in Alkermes plc (NASDAQ:ALKS) by 29.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 54,368 shares of the company’s stock after selling 22,929 shares during the period. New York State Teachers Retirement System’s holdings in Alkermes were worth $1,922,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ALKS. Cullen Frost Bankers Inc. bought a new stake in Alkermes during the fourth quarter worth $28,000. Johnson Financial Group Inc. bought a new position in Alkermes in the 3rd quarter valued at $31,000. UMB Bank n.a. increased its position in shares of Alkermes by 57.6% during 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 last quarter. Salomon & Ludwin LLC raised its stake in shares of Alkermes by 115.6% during the 4th quarter. Salomon & Ludwin LLC now owns 1,244 shares of the company’s stock worth $35,000 after purchasing an additional 667 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Alkermes by 1,041.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,324 shares of the company’s stock worth $37,000 after purchasing an additional 1,208 shares during the period. 95.21% of the stock is owned by hedge funds and other institutional investors.

Alkermes Trading Down 3.4%

Shares of ALKS opened at $51.94 on Friday. Alkermes plc has a fifty-two week low of $25.17 and a fifty-two week high of $55.67. The business has a 50-day moving average of $43.75 and a 200 day moving average of $35.76. The firm has a market cap of $8.66 billion, a P/E ratio of 57.71 and a beta of 0.34. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.70 and a current ratio of 2.27.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.29 EPS for the quarter. The business had revenue of $384.55 million for the quarter. Alkermes had a net margin of 9.78% and a return on equity of 9.26%. As a group, research analysts forecast that Alkermes plc will post -0.42 EPS for the current year.

Analyst Ratings Changes

ALKS has been the subject of several research reports. TD Cowen increased their price target on shares of Alkermes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Truist Financial raised shares of Alkermes to a “strong-buy” rating in a research report on Wednesday, March 25th. Weiss Ratings cut shares of Alkermes from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wells Fargo & Company increased their target price on shares of Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Finally, Bank of America restated an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. One 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $49.62.

Insiders Place Their Bets

In other Alkermes news, EVP David Joseph Gaffin sold 2,034 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $54.03, for a total value of $109,897.02. Following the completion of the transaction, the executive vice president owned 227,490 shares in the company, valued at $12,291,284.70. This trade represents a 0.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Alkermes stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $45.10, for a total value of $90,200.00. Following the transaction, the director directly owned 25,680 shares of the company’s stock, valued at $1,158,168. The trade was a 7.23% 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 have sold a total of 35,102 shares of company stock worth $1,494,410 over the last 90 days. Corporate 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.