Frazier Life Sciences Management L.P. Takes $16.13 Million Position in Alkermes plc (NASDAQ:ALKS)

Frazier Life Sciences Management L.P. purchased a new position in shares of Alkermes plc (NASDAQ:ALKS) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 576,129 shares of the company’s stock, valued at approximately $16,126,000.

A number of other hedge funds have also bought and sold shares of ALKS. Barclays PLC raised its stake in Alkermes by 108.8% during the third quarter. Barclays PLC now owns 423,931 shares of the company’s stock valued at $11,867,000 after buying an additional 220,893 shares in the last quarter. Orion Portfolio Solutions LLC bought a new stake in shares of Alkermes in the 3rd quarter valued at approximately $264,000. XTX Topco Ltd bought a new stake in shares of Alkermes in the 3rd quarter valued at approximately $437,000. Zacks Investment Management raised its position in shares of Alkermes by 8.2% during the 3rd quarter. Zacks Investment Management now owns 69,531 shares of the company’s stock valued at $1,946,000 after acquiring an additional 5,254 shares in the last quarter. Finally, Centiva Capital LP bought a new position in Alkermes during the third quarter worth $367,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Cato T. Laurencin sold 2,691 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.85, for a total value of $85,708.35. Following the completion of the transaction, the director now owns 23,013 shares in the company, valued at $732,964.05. This represents a 10.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Craig C. Hopkinson sold 10,471 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $29.53, for a total transaction of $309,208.63. Following the sale, the executive vice president now owns 99,238 shares in the company, valued at $2,930,498.14. This trade represents a 9.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,738 shares of company stock worth $4,572,904. 4.89% of the stock is owned by company insiders.

Alkermes Stock Performance

Shares of ALKS stock opened at $31.31 on Tuesday. Alkermes plc has a 12-month low of $22.90 and a 12-month high of $32.88. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.45 and a quick ratio of 3.03. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 1.05 and a beta of 0.49. The business has a 50 day simple moving average of $28.39 and a 200 day simple moving average of $26.82.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Alkermes from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, October 25th. Piper Sandler reaffirmed an “overweight” rating and set a $37.00 price objective (down previously from $38.00) on shares of Alkermes in a research report on Friday, October 25th. Cantor Fitzgerald dropped their price objective on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on Alkermes from $32.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Finally, Stifel Nicolaus raised Alkermes from a “hold” rating to a “buy” rating and upped their target price for the company from $25.00 to $36.00 in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.42.

Alkermes Company 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.