Corebridge Financial Inc. Reduces Stock Holdings in Alkermes plc (NASDAQ:ALKS)

Corebridge Financial Inc. trimmed its position in Alkermes plc (NASDAQ:ALKS) by 8.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,767 shares of the company’s stock after selling 8,335 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Alkermes worth $2,467,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Centiva Capital LP purchased a new position in shares of Alkermes during the 3rd quarter worth $367,000. Natixis Advisors LLC increased its position in shares of Alkermes by 36.8% during the fourth quarter. Natixis Advisors LLC now owns 49,922 shares of the company’s stock valued at $1,436,000 after acquiring an additional 13,432 shares during the last quarter. Sanctuary Advisors LLC raised its stake in shares of Alkermes by 254.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 32,791 shares of the company’s stock valued at $944,000 after acquiring an additional 23,541 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Alkermes by 74.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 149,493 shares of the company’s stock worth $4,184,000 after acquiring an additional 63,939 shares during the last quarter. Finally, Barclays PLC increased its holdings in Alkermes by 108.8% in the 3rd quarter. Barclays PLC now owns 423,931 shares of the company’s stock valued at $11,867,000 after purchasing an additional 220,893 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ALKS. The Goldman Sachs Group upped their price target on Alkermes from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Royal Bank of Canada started coverage on Alkermes in a report on Thursday, March 13th. They set a “sector perform” rating and a $40.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Alkermes from $40.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. StockNews.com raised shares of Alkermes from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $46.00 target price on shares of Alkermes in a research note on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.38.

Alkermes Stock Performance

Shares of NASDAQ ALKS opened at $32.53 on Wednesday. The stock’s 50-day simple moving average is $33.57 and its 200-day simple moving average is $30.39. The firm has a market capitalization of $5.29 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.20 and a beta of 0.62. Alkermes plc has a fifty-two week low of $22.90 and a fifty-two week high of $36.45.

Alkermes (NASDAQ:ALKS) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. Alkermes had a net margin of 23.57% and a return on equity of 30.80%. On average, sell-side analysts forecast that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Insider Activity at Alkermes

In other news, EVP Craig C. Hopkinson sold 144,419 shares of Alkermes stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.53, for a total transaction of $5,131,207.07. Following the sale, the executive vice president now owns 57,875 shares in the company, valued at approximately $2,056,298.75. The trade was a 71.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.89% of the stock is owned by corporate insiders.

Alkermes Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.