State of New Jersey Common Pension Fund D Cuts Position in Alkermes plc (NASDAQ:ALKS)

State of New Jersey Common Pension Fund D decreased its holdings in Alkermes plc (NASDAQ:ALKS) by 12.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 69,575 shares of the company’s stock after selling 10,281 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Alkermes were worth $1,947,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. raised its stake in shares of Alkermes by 92.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 95,509 shares of the company’s stock valued at $2,673,000 after purchasing an additional 45,857 shares during the period. Van ECK Associates Corp grew its position in shares of Alkermes by 40.0% during the third quarter. Van ECK Associates Corp now owns 104,986 shares of the company’s stock worth $2,924,000 after buying an additional 29,998 shares in the last quarter. James Investment Research Inc. acquired a new stake in shares of Alkermes during the third quarter worth approximately $255,000. US Bancorp DE grew its position in shares of Alkermes by 48.8% during the third quarter. US Bancorp DE now owns 10,302 shares of the company’s stock worth $288,000 after buying an additional 3,378 shares in the last quarter. Finally, First Trust Direct Indexing L.P. grew its position in shares of Alkermes by 12.7% during the third quarter. First Trust Direct Indexing L.P. now owns 9,571 shares of the company’s stock worth $268,000 after buying an additional 1,080 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. HC Wainwright reissued a “neutral” rating and set a $37.00 price target on shares of Alkermes in a research report on Friday, October 25th. StockNews.com raised shares of Alkermes from a “hold” rating to a “buy” rating in a research report on Sunday, July 28th. Stifel Nicolaus raised shares of Alkermes from a “hold” rating to a “buy” rating and raised their price target for the stock from $25.00 to $36.00 in a research report on Tuesday, November 5th. Cantor Fitzgerald decreased their price target on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Mizuho raised their price target on shares of Alkermes from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.42.

Insider Buying and Selling

In other Alkermes news, EVP Craig C. Hopkinson sold 10,471 shares of Alkermes 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 transaction, the executive vice president now owns 99,238 shares of the company’s stock, valued at $2,930,498.14. The trade was a 9.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.89% of the stock is currently owned by company insiders.

Alkermes Price Performance

Shares of Alkermes stock opened at $28.19 on Monday. 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 company’s 50-day moving average price is $27.79 and its two-hundred day moving average price is $26.23. Alkermes plc has a 52 week low of $22.06 and a 52 week high of $32.88. The stock has a market cap of $4.56 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 0.94 and a beta of 0.47.

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.