Short Interest in Alkermes plc (NASDAQ:ALKS) Drops By 8.8%

Alkermes plc (NASDAQ:ALKS) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 12,500,000 shares, a decrease of 8.8% from the November 30th total of 13,710,000 shares. Based on an average daily volume of 1,730,000 shares, the days-to-cover ratio is presently 7.2 days. Currently, 7.9% of the company’s shares are sold short.

Insider Activity

In other Alkermes news, EVP Craig C. Hopkinson sold 61,151 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $32.07, for a total value of $1,961,112.57. Following the completion of the sale, the executive vice president now owns 47,576 shares in the company, valued at approximately $1,525,762.32. This trade represents a 56.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Christian Todd Nichols sold 5,208 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $29.15, for a total transaction of $151,813.20. Following the completion of the sale, the senior vice president now directly owns 60,703 shares of the company’s stock, valued at approximately $1,769,492.45. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,738 shares of company stock valued at $4,572,904. 4.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alkermes

Several hedge funds have recently bought and sold shares of ALKS. United Services Automobile Association grew its position in Alkermes by 3.1% during the second quarter. United Services Automobile Association now owns 13,208 shares of the company’s stock valued at $318,000 after buying an additional 400 shares during the period. Signaturefd LLC increased its stake in shares of Alkermes by 51.2% in the 2nd quarter. Signaturefd LLC now owns 1,417 shares of the company’s stock valued at $34,000 after purchasing an additional 480 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Alkermes by 0.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 220,600 shares of the company’s stock worth $6,175,000 after purchasing an additional 700 shares during the period. Nicollet Investment Management Inc. boosted its position in Alkermes by 1.7% during the third quarter. Nicollet Investment Management Inc. now owns 43,845 shares of the company’s stock worth $1,227,000 after purchasing an additional 714 shares in the last quarter. Finally, KBC Group NV grew its stake in Alkermes by 18.8% in the 3rd quarter. KBC Group NV now owns 4,890 shares of the company’s stock valued at $137,000 after acquiring an additional 774 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Alkermes Stock Performance

Shares of NASDAQ ALKS traded down $0.28 during trading on Monday, reaching $29.27. 212,145 shares of the company traded hands, compared to its average volume of 1,800,370. Alkermes has a 12-month low of $22.90 and a 12-month high of $32.88. The company has a current ratio of 3.45, a quick ratio of 3.03 and a debt-to-equity ratio of 0.22. The stock has a market cap of $4.74 billion, a P/E ratio of 15.01, a PEG ratio of 1.03 and a beta of 0.49. The firm’s fifty day simple moving average is $28.93 and its 200 day simple moving average is $27.43.

Analyst Ratings Changes

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

About Alkermes

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.