JPMorgan Chase & Co. Sells 908,124 Shares of Alkermes plc $ALKS

JPMorgan Chase & Co. lessened its stake in Alkermes plc (NASDAQ:ALKS) by 18.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,928,170 shares of the company’s stock after selling 908,124 shares during the period. JPMorgan Chase & Co. owned approximately 2.38% of Alkermes worth $117,845,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in ALKS. Tidal Investments LLC grew its position in Alkermes by 1.1% in the second quarter. Tidal Investments LLC now owns 35,130 shares of the company’s stock worth $1,005,000 after acquiring an additional 395 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Alkermes by 1.5% during the second quarter. China Universal Asset Management Co. Ltd. now owns 33,120 shares of the company’s stock worth $948,000 after purchasing an additional 502 shares during the last quarter. Amalgamated Bank lifted its stake in Alkermes by 1.1% during the second quarter. Amalgamated Bank now owns 46,848 shares of the company’s stock worth $1,340,000 after purchasing an additional 528 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Alkermes by 1.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 43,658 shares of the company’s stock worth $1,249,000 after purchasing an additional 551 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Alkermes by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 46,340 shares of the company’s stock valued at $1,390,000 after purchasing an additional 639 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Insider Buying and Selling

In related news, EVP Craig C. Hopkinson sold 9,000 shares of Alkermes stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $33.93, for a total value of $305,370.00. Following the sale, the executive vice president owned 57,740 shares in the company, valued at $1,959,118.20. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Shane Cooke sold 61,200 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $34.57, for a total transaction of $2,115,684.00. Following the transaction, the director directly owned 103,744 shares in the company, valued at approximately $3,586,430.08. The trade was a 37.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 148,148 shares of company stock worth $5,028,378. Corporate insiders own 4.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on ALKS shares. Jefferies Financial Group set a $56.00 target price on Alkermes and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Wall Street Zen cut shares of Alkermes from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Zacks Research cut shares of Alkermes from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Mizuho upped their price target on shares of Alkermes from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Bank of America raised their price objective on Alkermes from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $43.93.

Alkermes Trading Down 0.3%

ALKS stock opened at $31.91 on Monday. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of 15.80 and a beta of 0.49. The firm’s 50-day moving average price is $31.20 and its two-hundred day moving average price is $30.08. Alkermes plc has a 12-month low of $25.17 and a 12-month high of $36.32.

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.