Insider Selling: Alkermes (NASDAQ:ALKS) EVP Sells $97,652.34 in Stock

Alkermes plc (NASDAQ:ALKS) EVP David Gaffin sold 2,034 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $48.01, for a total value of $97,652.34. Following the completion of the transaction, the executive vice president directly owned 223,422 shares in the company, valued at $10,726,490.22. This trade represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Joseph Gaffin also recently made the following trade(s):

• On Monday, August 3rd, David Gaffin sold 2,034 shares of Alkermes stock. The shares were sold at an average price of $48.58, for a total value of $98,811.72.
• On Monday, July 6th, David Gaffin sold 2,034 shares of Alkermes stock. The stock was sold at an average price of $54.03, for a total value of $109,897.02.

Alkermes Stock Down 1.7%

ALKS stock opened at $46.10 on Friday. The stock has a market capitalization of $7.73 billion, a P/E ratio of 121.32 and a beta of 0.31. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.30 and a quick ratio of 1.85. Alkermes plc has a 1-year low of $25.17 and a 1-year high of $55.67. The business has a fifty day moving average price of $50.56 and a 200-day moving average price of $40.89.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Alkermes during the 2nd quarter valued at $1,733,000. California State Teachers Retirement System increased its position in Alkermes by 5,527.7% in the second quarter. California State Teachers Retirement System now owns 10,343,402 shares of the company’s stock worth $541,994,000 after buying an additional 10,159,607 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Alkermes in the second quarter worth about $39,000. HB Wealth Management LLC purchased a new position in shares of Alkermes during the 2nd quarter valued at about $220,000. Finally, Concurrent Investment Advisors LLC purchased a new position in shares of Alkermes during the 2nd quarter valued at about $234,000. 95.21% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Bank of America restated an “underperform” rating on shares of Alkermes in a research note on Monday, June 29th. Needham & Company LLC boosted their price objective on shares of Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a report on Monday, July 13th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (up from $43.00) on shares of Alkermes in a research report on Tuesday, July 28th. Wells Fargo & Company lifted their target price on shares of Alkermes from $44.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Finally, Royal Bank Of Canada boosted their target price on shares of Alkermes from $45.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Alkermes has a consensus rating of “Moderate Buy” and a consensus target price of $54.56.

About Alkermes

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.