Alkermes (ALKS) PT Raised to $70 at Leerink Partners
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Leerink Partners analyst Paul Matteis reiterated an Outperform rating and raised its price target on Alkermes (NASDAQ: ALKS) to $70.00 (from $57.00) after the company announced positive results from their third ph3 study for ALKS5461 in depression.
Matteis commented, "We were previously cautious on the third ph3 (FORWARD5) as we found it challenging to garner much conviction in '5461 after disappointing results from FORWARD3 and 4. However, looking ahead, based on our prior review of regulatory precedent in depression (LINK) - further supported by the recent FDA approval of ACAD's [MP] pimavanserin on a single positive study - we believe ALKS5461 has a realistic chance with the agency on the data package generated to date. ALKS will soon meet with FDA to discuss a potential NDA filing, which it has already begun preparing. Our $70 Price Target, from $57 previously, now assumes a 50% probability of approval without the need for an additional study and a 60% chance of approval overall (the latter including a risk-adj 2021 scenario)."
Shares of Alkermes closed at $43.51 yesterday.
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