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Bank of New York Mellon Corp Trims Holdings in Alkermes Plc (NASDAQ:ALKS)

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Bank of New York Mellon Corp decreased its holdings in Alkermes plc (NASDAQ:ALKS – Get Rating) by 10.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,587,308 shares of the company's stock after selling 317,241 shares during the period. Bank of New York Mellon Corp owned about 1.58% of Alkermes worth $68,071,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Sarissa Capital Management LP increased its stake in Alkermes by 6.3% in the fourth quarter. Sarissa Capital Management LP now owns 14,040,000 shares of the company's stock worth $326,570,000 after purchasing an additional 827,000 shares during the period. State Street Corp increased its stake in shares of Alkermes by 15.7% during the fourth quarter. State Street Corp now owns 5,694,440 shares of the company's stock valued at $132,453,000 after buying an additional 772,964 shares during the period. Renaissance Technologies LLC increased its stake in shares of Alkermes by 1.4% during the fourth quarter. Renaissance Technologies LLC now owns 4,810,945 shares of the company's stock valued at $111,903,000 after buying an additional 66,463 shares during the period. Geode Capital Management LLC increased its stake in shares of Alkermes by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 2,871,803 shares of the company's stock valued at $66,798,000 after buying an additional 61,474 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Alkermes by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,184,796 shares of the company's stock valued at $50,819,000 after buying an additional 112,077 shares during the period. Hedge funds and other institutional investors own 94.77% of the company's stock.

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Alkermes Price Performance

Shares of NASDAQ ALKS opened at $24.36 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.03 and a current ratio of 2.39. The company has a market cap of $4.00 billion, a PE ratio of -42.74 and a beta of 0.60. The business has a 50-day simple moving average of $27.72 and a two-hundred day simple moving average of $27.47. Alkermes plc has a fifty-two week low of $21.24 and a fifty-two week high of $33.00.

Alkermes (NASDAQ:ALKS – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.05. The company had revenue of $276.22 million during the quarter, compared to analysts' expectations of $269.01 million. Alkermes had a positive return on equity of 0.79% and a negative net margin of 8.02%. Alkermes's quarterly revenue was down 9.1% on a year-over-year basis. During the same period last year, the business earned $0.13 earnings per share. As a group, equities analysts expect that Alkermes plc will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ALKS shares. StockNews.com lowered Alkermes from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, August 24th. Stifel Nicolaus raised their price target on Alkermes to $28.00 in a research note on Wednesday, July 27th. Piper Sandler assumed coverage on Alkermes in a research note on Tuesday, August 16th. They set a "neutral" rating and a $26.00 price target on the stock. Finally, Mizuho dropped their price objective on Alkermes from $36.00 to $34.00 and set a "buy" rating on the stock in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $30.10.

Insider Activity

In other news, SVP Christian Todd Nichols sold 7,474 shares of the business's stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $28.26, for a total value of $211,215.24. Following the completion of the sale, the senior vice president now directly owns 21,035 shares in the company, valued at $594,449.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.76% of the company's stock.

Alkermes Company Profile

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Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. Its marketed products include ARISTADA, an intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL for the treatment of alcohol and prevention of opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA to treat schizophrenia and schizoaffective; and VUMERITY for the treatment of relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting and active secondary progressive diseases.

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