Alkermes (NASDAQ:ALKS) Stock Rating Lowered by Zacks Research

Alkermes (NASDAQ:ALKS) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC boosted their target price on Alkermes from $43.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Wells Fargo & Company cut their price objective on shares of Alkermes from $42.00 to $37.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Alkermes from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Jefferies Financial Group set a $56.00 target price on shares of Alkermes and gave the company a “buy” rating in a research report on Tuesday, October 28th. Finally, Bank of America boosted their price target on shares of Alkermes from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.93.

Alkermes Price Performance

Shares of NASDAQ ALKS opened at $31.91 on Thursday. The business has a 50-day moving average of $31.20 and a two-hundred day moving average of $30.03. The company has a market capitalization of $5.27 billion, a price-to-earnings 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.

Insiders Place Their Bets

In related news, Director Shane Cooke sold 61,200 shares of the company’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 completion of the sale, the director owned 103,744 shares in the company, valued at $3,586,430.08. This represents a 37.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig C. Hopkinson sold 9,000 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $33.93, for a total transaction of $305,370.00. Following the transaction, the executive vice president directly 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 SEC filing for this sale provides additional information. Insiders sold a total of 148,148 shares of company stock worth $5,028,378 over the last ninety days. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Alkermes

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Alkermes during the 4th quarter worth approximately $54,442,000. Baker BROS. Advisors LP increased its holdings in shares of Alkermes by 23.7% in the fourth quarter. Baker BROS. Advisors LP now owns 10,012,267 shares of the company’s stock valued at $280,143,000 after purchasing an additional 1,920,916 shares during the period. UBS Group AG raised its stake in shares of Alkermes by 237.4% during the fourth quarter. UBS Group AG now owns 2,544,895 shares of the company’s stock worth $71,206,000 after purchasing an additional 1,790,729 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Alkermes by 32.0% during the fourth quarter. JPMorgan Chase & Co. now owns 5,184,547 shares of the company’s stock worth $145,064,000 after purchasing an additional 1,256,377 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Alkermes by 1,070.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,208,944 shares of the company’s stock worth $36,268,000 after purchasing an additional 1,105,666 shares during the period. Institutional investors and hedge funds 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.