Connor Clark & Lunn Investment Management Ltd. Sells 174,742 Shares of Alkermes plc (NASDAQ:ALKS)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Alkermes plc (NASDAQ:ALKS) by 85.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 28,699 shares of the company’s stock after selling 174,742 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Alkermes were worth $803,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in Alkermes during the 3rd quarter worth approximately $29,000. Signaturefd LLC lifted its holdings in shares of Alkermes by 51.2% during the second quarter. Signaturefd LLC now owns 1,417 shares of the company’s stock worth $34,000 after purchasing an additional 480 shares during the period. Hexagon Capital Partners LLC grew its stake in shares of Alkermes by 3,841.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,537 shares of the company’s stock worth $37,000 after purchasing an additional 1,498 shares during the last quarter. GAMMA Investing LLC increased its holdings in Alkermes by 44.4% in the second quarter. GAMMA Investing LLC now owns 2,287 shares of the company’s stock valued at $55,000 after purchasing an additional 703 shares during the period. Finally, Archer Investment Corp raised its position in Alkermes by 28.6% during the 3rd quarter. Archer Investment Corp now owns 4,500 shares of the company’s stock worth $126,000 after purchasing an additional 1,000 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Alkermes Price Performance

ALKS opened at $29.32 on Friday. Alkermes plc has a 1 year low of $22.22 and a 1 year 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 company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 15.04, a P/E/G ratio of 0.98 and a beta of 0.47. The firm’s fifty day moving average price is $28.00 and its two-hundred day moving average price is $26.49.

Analysts Set New Price Targets

ALKS has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price objective on Alkermes from $32.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Stifel Nicolaus upgraded shares of Alkermes from a “hold” rating to a “buy” rating and boosted their price target for the stock from $25.00 to $36.00 in a research report on Tuesday, November 5th. HC Wainwright reiterated a “neutral” rating and set a $37.00 price objective on shares of Alkermes in a research report on Friday, October 25th. Cantor Fitzgerald dropped their target price on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Mizuho increased their price target on Alkermes from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.42.

Insider Buying and Selling at Alkermes

In related news, EVP Craig C. Hopkinson sold 58,996 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.08, for a total transaction of $1,774,599.68. Following the completion of the sale, the executive vice president now directly owns 83,300 shares of the company’s stock, valued at approximately $2,505,664. This trade represents a 41.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Christian Todd Nichols sold 5,208 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $29.15, for a total value of $151,813.20. Following the completion of the transaction, the senior vice president now directly owns 60,703 shares in the company, valued at approximately $1,769,492.45. This represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,675 shares of company stock worth $2,235,622. Insiders own 4.89% of the company’s stock.

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.