👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Alkermes EVP Craig Hopkinson sells $309,168 in stock

Published 11/07/2024, 08:50 AM
Updated 11/07/2024, 08:52 AM
ALKS
-

Alkermes plc (NASDAQ:ALKS) Executive Vice President of Research and Development and Chief Medical (TASE:PMCN) Officer, Craig C. Hopkinson, recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Hopkinson disposed of 10,471 ordinary shares on November 6, 2024. The shares were sold at a weighted average price of $29.53, with transaction prices ranging between $29.50 and $29.61. The total sale amounted to approximately $309,168.

Following this transaction, Hopkinson retains ownership of 99,238 shares in Alkermes. The sale was conducted under a Rule 10b5-1 trading plan, which was established on December 14, 2023. This plan allows insiders to set up a predetermined schedule for selling stocks to avoid potential conflicts of interest.

In other recent news, Alkermes reported a significant 18% increase in Q3 2024 revenues, reaching $378.1 million, driven by proprietary products VIVITROL, ARISTADA, and LYBALVI. The company also reported non-GAAP earnings per share of $0.72, slightly above the estimated $0.70. Stifel upgraded Alkermes from Hold to Buy and raised the price target to $36, based on a positive outlook for the company's orexin program, particularly the ALKS2680 candidate. H.C. Wainwright maintained a Neutral stance on Alkermes with a price target of $37.00, while Piper Sandler adjusted its price target to $37.00, maintaining an Overweight rating. Goldman Sachs endorsed the stock with a Buy rating but lowered the price target to $30.00. Leerink Partners maintained a Market Perform rating with a $28.00 price target. These developments indicate an active interest in Alkermes' pipeline, particularly the ALKS2680 program, which is advancing into Phase 2 trials for narcolepsy and idiopathic hypersomnia. Despite an anticipated reduction in EBITDA due to changes in manufacturing and royalty revenues, Alkermes remains focused on its growth strategy.

InvestingPro Insights

In light of Craig C. Hopkinson's recent stock sale, it's worth examining some key financial metrics and insights about Alkermes plc (NASDAQ:ALKS) from InvestingPro.

The company's financial health appears robust, with InvestingPro Data showing a market capitalization of $4.74 billion. Alkermes boasts a strong gross profit margin of 83.17% for the last twelve months as of Q3 2024, indicating efficient cost management and pricing power in its pharmaceutical operations.

An InvestingPro Tip highlights that Alkermes holds more cash than debt on its balance sheet, which aligns with another tip stating that the company's liquid assets exceed short-term obligations. This strong liquidity position provides financial flexibility and reduces risk, potentially explaining why executives like Hopkinson might feel comfortable adjusting their holdings.

Despite the recent insider sale, Alkermes has shown impressive market performance. InvestingPro Data reveals a 13.97% price return over the past week and a 17.89% return over the last year. This positive momentum might suggest that the market remains optimistic about the company's prospects, even as some insiders reduce their stakes.

For investors seeking a deeper understanding of Alkermes' financial position and future outlook, InvestingPro offers 8 additional tips not mentioned here. These insights could provide valuable context for interpreting insider transactions and evaluating the company's potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.