PNC Financial Services Group Inc. cut its holdings in shares of Alkermes plc (NASDAQ:ALKS – Get Rating) by 22.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,771 shares of the company's stock after selling 29,820 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Alkermes were worth $2,652,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in shares of Alkermes during the first quarter worth approximately $874,000. Qube Research & Technologies Ltd boosted its position in shares of Alkermes by 242.9% during the 1st quarter. Qube Research & Technologies Ltd now owns 35,680 shares of the company's stock worth $939,000 after acquiring an additional 25,276 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Alkermes by 21.0% during the 4th quarter. California Public Employees Retirement System now owns 304,982 shares of the company's stock worth $7,094,000 after acquiring an additional 52,967 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Alkermes by 1.4% during the 4th quarter. Renaissance Technologies LLC now owns 4,810,945 shares of the company's stock worth $111,903,000 after acquiring an additional 66,463 shares in the last quarter. Finally, Sarissa Capital Management LP boosted its position in shares of Alkermes by 6.3% during the 4th quarter. Sarissa Capital Management LP now owns 14,040,000 shares of the company's stock worth $326,570,000 after acquiring an additional 827,000 shares in the last quarter. 94.77% of the stock is owned by institutional investors.
Get Alkermes alerts:Insider Buying and Selling
In related news, SVP Christian Todd Nichols sold 7,474 shares of Alkermes stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $28.26, for a total transaction of $211,215.24. Following the completion of the transaction, the senior vice president now owns 21,035 shares of the company's stock, valued at $594,449.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.76% of the stock is owned by insiders.
Analyst Ratings Changes
ALKS has been the topic of several analyst reports. StockNews.com lowered shares of Alkermes from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, August 24th. Stifel Nicolaus increased their price target on shares of Alkermes to $28.00 in a research report on Wednesday, July 27th. Mizuho cut their target price on shares of Alkermes from $36.00 to $34.00 and set a "buy" rating on the stock in a research report on Thursday, July 28th. Finally, Piper Sandler initiated coverage on shares of Alkermes in a research report on Tuesday, August 16th. They issued a "neutral" rating and a $26.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Alkermes has an average rating of "Moderate Buy" and a consensus price target of $30.44.Alkermes Price Performance
Shares of NASDAQ:ALKS opened at $24.51 on Monday. The firm has a market cap of $4.03 billion, a PE ratio of -43.00 and a beta of 0.60. The firm's fifty day moving average is $27.72 and its 200-day moving average is $27.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.03 and a current ratio of 2.39. Alkermes plc has a 52 week low of $21.24 and a 52 week high of $33.00.
Alkermes (NASDAQ:ALKS – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.05. The company had revenue of $276.22 million for the quarter, compared to analyst estimates of $269.01 million. Alkermes had a negative net margin of 8.02% and a positive return on equity of 0.79%. Alkermes's revenue was down 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 earnings per share. Sell-side analysts predict that Alkermes plc will post -0.34 earnings per share for the current year.
About Alkermes
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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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