Franklin Resources Inc. Trims Stake in Alkermes plc (NASDAQ:ALKS)

Franklin Resources Inc. cut its stake in Alkermes plc (NASDAQ:ALKS) by 19.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 96,924 shares of the company’s stock after selling 23,082 shares during the period. Franklin Resources Inc. owned 0.06% of Alkermes worth $2,788,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Alkermes in the 4th quarter worth approximately $56,684,000. JPMorgan Chase & Co. raised its holdings in Alkermes by 147.4% in the fourth quarter. JPMorgan Chase & Co. now owns 889,472 shares of the company’s stock worth $25,581,000 after purchasing an additional 529,962 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Alkermes during the fourth quarter valued at $12,293,000. Loomis Sayles & Co. L P lifted its position in Alkermes by 22.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 2,302,905 shares of the company’s stock valued at $66,232,000 after buying an additional 419,969 shares during the period. Finally, C WorldWide Group Holding A S bought a new stake in shares of Alkermes during the 4th quarter valued at $7,190,000. 95.21% of the stock is currently owned by hedge funds and other institutional investors.

Alkermes Stock Up 1.5 %

Shares of ALKS stock opened at $27.00 on Friday. The company has a 50 day moving average price of $33.14 and a 200-day moving average price of $30.45. Alkermes plc has a 52 week low of $22.90 and a 52 week high of $36.45. The firm has a market capitalization of $4.45 billion, a PE ratio of 12.44, a P/E/G ratio of 2.20 and a beta of 0.39.

Alkermes (NASDAQ:ALKS) last posted its earnings results on Wednesday, February 12th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. Alkermes had a net margin of 23.57% and a return on equity of 30.80%. Analysts anticipate that Alkermes plc will post 1.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Craig C. Hopkinson sold 100,918 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $32.05, for a total value of $3,234,421.90. Following the transaction, the executive vice president now owns 44,290 shares in the company, valued at $1,419,494.50. This represents a 69.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 4.89% of the company’s stock.

Wall Street Analyst Weigh In

ALKS has been the topic of several research reports. StockNews.com raised shares of Alkermes from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Royal Bank of Canada assumed coverage on Alkermes in a research report on Thursday, March 13th. They issued a “sector perform” rating and a $40.00 price target on the stock. HC Wainwright reaffirmed a “neutral” rating and set a $46.00 price objective on shares of Alkermes in a research report on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on Alkermes from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Alkermes from $40.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Alkermes currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.50.

Alkermes Company 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.