Avoro Capital Advisors LLC Trims Position in Alkermes plc $ALKS

Core Insights - Avoro Capital Advisors LLC reduced its holdings in Alkermes plc by 22.8% during the 3rd quarter, now owning 2,240,000 shares after selling 660,000 shares [2] - Alkermes has seen significant changes in institutional investor positions, with Norges Bank purchasing approximately $53.33 million in the second quarter and Arrowstreet Capital increasing its position by 1,070.6% in the third quarter [3] - Alkermes' stock opened at $27.76, with a market capitalization of $4.63 billion and a PE ratio of 19.41, while the company reported a quarterly revenue of $384.55 million, down 10.6% year-over-year [4] Institutional Holdings - Avoro Capital Advisors LLC's stake in Alkermes is now 0.9% of its total holdings, making it the 23rd largest position [2] - Other institutional investors, such as American Century Companies Inc., increased their stake by 20.2% in the 3rd quarter, now owning shares worth $131.92 million [3] - Institutional investors and hedge funds collectively own 95.21% of Alkermes' stock [3] Stock Performance - Alkermes shares have a 52-week low of $25.17 and a high of $36.32, with a 50-day simple moving average of $31.58 [4] - The company reported earnings per share (EPS) of $0.29 for the last quarter, missing the consensus estimate of $0.43 by $0.14 [4] Insider Activity - Director Shane Cooke sold 61,200 shares at an average price of $34.57, resulting in a 37.10% decrease in ownership [5] - Insiders sold a total of 157,434 shares valued at $5.31 million over the last three months, with insiders owning 4.40% of the company [5] Analyst Ratings - Zacks Research downgraded Alkermes from a "strong-buy" to a "hold" rating, while Truist Financial raised its target price from $50.00 to $55.00 [6] - The consensus rating for Alkermes is "Moderate Buy" with a target price of $44.07 [7] Company Overview - Alkermes plc is a biopharmaceutical company focused on developing innovative medicines for central nervous system disorders, including addiction and depression [8]