VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 33,083 Alkermes plc $ALKS

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Alkermes plc (NASDAQ:ALKS) in the 2nd quarter, Holdings Channel.com reports. The fund bought 33,083 shares of the company’s stock, valued at approximately $1,733,000.

Several other hedge funds also recently modified their holdings of the business. Royal Bank of Canada lifted its stake in shares of Alkermes by 117.2% in the 1st quarter. Royal Bank of Canada now owns 275,526 shares of the company’s stock valued at $9,098,000 after purchasing an additional 148,696 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Alkermes during the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Alkermes by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 482,332 shares of the company’s stock worth $15,927,000 after buying an additional 20,091 shares during the last quarter. Cetera Investment Advisers raised its holdings in Alkermes by 32.3% during the second quarter. Cetera Investment Advisers now owns 13,907 shares of the company’s stock valued at $398,000 after buying an additional 3,394 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Alkermes by 539.4% during the second quarter. Quantbot Technologies LP now owns 6,976 shares of the company’s stock valued at $200,000 after buying an additional 5,885 shares in the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Insiders Place Their Bets

In related news, Director Nancy Lynn Md Snyderman sold 44,472 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,239,165.20. Following the completion of the sale, the director owned 15,395 shares in the company, valued at $775,138.25. This represents a 74.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Craig C. Hopkinson sold 9,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $48.58, for a total value of $437,220.00. Following the completion of the sale, the executive vice president directly owned 69,389 shares in the company, valued at $3,370,917.62. This trade represents a 11.48% 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. Insiders sold a total of 85,150 shares of company stock worth $4,242,213 over the last quarter. 4.59% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and set a $65.00 price target (up from $43.00) on shares of Alkermes in a research note on Tuesday, July 28th. Needham & Company LLC raised their price objective on Alkermes from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Bank of America restated an “underperform” rating on shares of Alkermes in a report on Monday, June 29th. Robert W. Baird upped their target price on Alkermes from $48.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company increased their price target on Alkermes from $44.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.56.

Alkermes Stock Down 0.3%

ALKS stock opened at $45.97 on Friday. 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 52-week low of $26.40 and a 52-week high of $55.67. The company has a 50-day moving average of $49.82 and a two-hundred day moving average of $41.36. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 120.98 and a beta of 0.31.

About Alkermes

Alkermes plc (NASDAQ: ALKS) is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its research and development activities include treatments for schizophrenia, bipolar disorder, addiction and other serious neurological or psychiatric conditions, with an emphasis on long-acting injectable and extended-release formulations.

The company’s marketed products include VIVITROL, an extended-release injectable form of naltrexone used to treat alcohol dependence and prevent relapse to opioid dependence after detoxification; ARISTADA, an extended-release injectable formulation of aripiprazole lauroxil for the treatment of schizophrenia in adults; and LYBALVI, an oral combination of olanzapine and samidorphan approved for schizophrenia and bipolar I disorder in adults.

Founded in Ireland in 1987, Alkermes has developed drug-delivery technologies intended to help extend dosing intervals and support medication adherence.