Alkermes (ALKS) Shares Down 10.5% After Insider Selling
Alkermes Plc (NASDAQ:ALKS) fell 10.5% on Thursday after an insider sold shares in the company. The stock traded as low as $56.00 and last traded at $56.55. 1,875,954 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 1,120,735 shares. The stock had previously closed at $63.19.
Specifically, insider Shane Cooke sold 6,207 shares of the business’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $60.22, for a total transaction of $373,785.54. Following the completion of the sale, the insider now owns 80,915 shares of the company’s stock, valued at approximately $4,872,701.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul J. Mitchell sold 1,000 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $51.98, for a total transaction of $51,980.00. Following the sale, the director now directly owns 9,000 shares of the company’s stock, valued at approximately $467,820. The disclosure for this sale can be found here. In the last three months, insiders have sold 146,365 shares of company stock valued at $8,994,542. Insiders own 5.34% of the company’s stock.
A number of research analysts recently weighed in on the stock. Jefferies Group cut shares of Alkermes from a “buy” rating to a “hold” rating and lifted their target price for the company from $63.19 to $66.00 in a research note on Thursday. BidaskClub upgraded shares of Alkermes from a “sell” rating to a “hold” rating in a research note on Friday, January 26th. Barclays set a $50.00 target price on shares of Alkermes and gave the company a “hold” rating in a research note on Thursday, October 26th. Citigroup set a $62.00 target price on shares of Alkermes and gave the company a “hold” rating in a research note on Thursday, February 15th. Finally, Credit Suisse Group lifted their target price on shares of Alkermes from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $64.17.
Alkermes (NASDAQ:ALKS) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.32. The business had revenue of $275.37 million for the quarter, compared to analysts’ expectations of $251.23 million. Alkermes had a net margin of 1.28% and a return on equity of 1.18%. The business’s quarterly revenue was up 29.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.02 EPS. research analysts forecast that Alkermes Plc will post -0.8 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in ALKS. Thornburg Investment Management Inc. lifted its stake in Alkermes by 39.8% in the 3rd quarter. Thornburg Investment Management Inc. now owns 2,779,364 shares of the company’s stock worth $141,303,000 after purchasing an additional 790,692 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Alkermes by 18.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,054,645 shares of the company’s stock worth $221,911,000 after purchasing an additional 628,299 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Alkermes by 13.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,650,006 shares of the company’s stock worth $134,726,000 after purchasing an additional 319,014 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in Alkermes in the 4th quarter worth $14,015,000. Finally, Woodford Investment Management Ltd lifted its stake in Alkermes by 3.4% in the 4th quarter. Woodford Investment Management Ltd now owns 7,585,683 shares of the company’s stock worth $310,628,000 after purchasing an additional 250,000 shares in the last quarter.
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Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS).
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