Alkermes (NASDAQ:ALKS) Stock Sees Heavy Put Option Buying

Alkermes plc (NASDAQ:ALKS) was the target of some unusual options trading activity on Friday. Traders bought 3,253 put options on the stock. This is an increase of 332% compared to the average daily volume of 753 put options.

Alkermes Price Performance

Alkermes stock traded up $0.55 during trading hours on Friday, reaching $40.65. 268,671 shares of the stock were exchanged, compared to its average volume of 2,137,971. Alkermes has a twelve month low of $27.00 and a twelve month high of $55.67. The stock has a 50 day moving average of $45.17 and a two-hundred day moving average of $43.64. The company has a current ratio of 2.30, a quick ratio of 1.85 and a debt-to-equity ratio of 0.82. The company has a market cap of $6.82 billion, a P/E ratio of 106.93 and a beta of 0.32.

Insider Buying and Selling

In related news, EVP Craig C. Hopkinson sold 9,000 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $48.58, for a total transaction of $437,220.00. Following the completion of the transaction, the executive vice president directly owned 69,389 shares in the company, valued at $3,370,917.62. This represents a 11.48% decrease in their position. The sale was disclosed in a filing 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, SVP Christian Nichols sold 7,576 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $49.23, for a total transaction of $372,966.48. Following the completion of the sale, the senior vice president owned 102,193 shares in the company, valued at $5,030,961.39. The trade was a 6.90% 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. In the last ninety days, insiders have sold 76,150 shares of company stock valued at $3,752,181. 4.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alkermes

A number of institutional investors have recently made changes to their positions in ALKS. GAMMA Investing LLC increased its stake in shares of Alkermes by 5.7% in the 3rd quarter. GAMMA Investing LLC now owns 7,090 shares of the company’s stock valued at $287,000 after acquiring an additional 385 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Alkermes in the second quarter worth about $113,000. Baird Financial Group Inc. purchased a new position in Alkermes in the second quarter valued at approximately $2,791,000. Arizona State Retirement System grew its stake in shares of Alkermes by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 43,580 shares of the company’s stock worth $2,283,000 after acquiring an additional 494 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Alkermes in the 2nd quarter valued at approximately $1,733,000. Institutional investors own 95.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ALKS shares. HC Wainwright reaffirmed a “neutral” rating on shares of Alkermes in a research report on Monday, September 21st. Mizuho upgraded shares of Alkermes to a “strong-buy” rating in a report on Wednesday, September 16th. Robert W. Baird increased their target price on shares of Alkermes from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Tuesday, September 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $56.00 price objective on shares of Alkermes in a research report on Tuesday, September 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Alkermes from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.47.

About Alkermes

Alkermes plc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. The company’s portfolio addresses conditions including addiction, schizophrenia, bipolar disorder and amyotrophic lateral sclerosis (ALS), with an emphasis on long-acting injectable, extended-release and other drug-delivery technologies.

Its marketed products include Vivitrol, an extended-release injectable formulation of naltrexone used to treat alcohol dependence and prevent opioid dependence relapse; Aristada, a long-acting injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; Lybalvi, an oral combination of olanzapine and samidorphan for schizophrenia and bipolar I disorder; and Exservan, an oral film formulation of riluzole for ALS.

Founded in 1987, Alkermes is headquartered in Dublin, Ireland, with operations and corporate offices in the United States, including Waltham, Massachusetts.