Alkermes (NASDAQ:ALKS) Cut to Hold at Zacks Research

Zacks Research cut shares of Alkermes (NASDAQ:ALKS) from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

ALKS has been the subject of a number of other reports. Bank of America boosted their price objective on Alkermes from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday. Mizuho lifted their target price on Alkermes from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. HC Wainwright reiterated a “neutral” rating on shares of Alkermes in a report on Wednesday, October 22nd. Royal Bank Of Canada increased their price target on Alkermes from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Needham & Company LLC raised their price objective on Alkermes from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.93.

Alkermes Price Performance

Shares of NASDAQ ALKS opened at $31.91 on Thursday. The company has a 50-day moving average price of $31.20 and a 200-day moving average price of $30.05. The stock has a market capitalization of $5.27 billion, a P/E ratio of 15.80 and a beta of 0.49. Alkermes has a 1 year low of $25.17 and a 1 year high of $36.32.

Insider Buying and Selling at Alkermes

In other Alkermes news, EVP Craig C. Hopkinson sold 9,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total value of $305,370.00. Following the transaction, the executive vice president owned 57,740 shares of the company’s stock, valued at approximately $1,959,118.20. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shane Cooke sold 61,200 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $34.57, for a total value of $2,115,684.00. Following the sale, the director directly owned 103,744 shares of the company’s stock, valued at approximately $3,586,430.08. This represents a 37.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 148,148 shares of company stock worth $5,028,378. Insiders own 4.40% of the company’s stock.

Institutional Trading of Alkermes

Several hedge funds have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. purchased a new position in Alkermes in the fourth quarter valued at about $59,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Alkermes in the 4th quarter worth approximately $256,000. Summit Global Investments lifted its stake in Alkermes by 48.8% in the fourth quarter. Summit Global Investments now owns 29,662 shares of the company’s stock valued at $830,000 after purchasing an additional 9,724 shares during the last quarter. Vident Advisory LLC lifted its stake in Alkermes by 1.1% in the fourth quarter. Vident Advisory LLC now owns 82,294 shares of the company’s stock valued at $2,303,000 after purchasing an additional 864 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in Alkermes during the fourth quarter valued at $1,712,000. Institutional investors own 95.21% of the company’s stock.

Alkermes Company 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.