Alkermes (ALKS) PT Raised to $70 at Jefferies
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Jefferies analyst Biren Amin reiterated a Buy rating an lifted his price target on Alkermes (NASDAQ: ALKS) to $70.00 (from $62.00) after ALKS 5461 for MDD at 2mg/2mg hit stat sig on MADRS-6 scale in FORWARD-5, the third of three PIII studies to assess efficacy of 5461.
Amin commented, "Mgmt has not released detailed analysis of the data yet but plans to at an upcoming medical meeting. Next steps are to meet with the FDA and the company plans to request that meeting soon. On its success we add 5461 revs into our model however assume a 50% risk discount which assumes regulatory risk, and we increase our PT to $70."
Shares of Alkermes closed at $43.51 yesterday.
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