Leerink Partners Resumes Alkermes (ALKS) at Outperform
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Leerink Partners resumes coverage on Alkermes (NASDAQ: ALKS) with a Outperform rating and a price target of $57.00.
Analyst Paul Matteis commented, "Alkermes is a diversified biotechnology company that in 2016, suffered a significant pipeline setback (ALKS5461) but simultaneously made outstanding commercial progress as legacy product Vivitrol (addiction) looks to be hitting inflection point on its growth curve. Our ALKS 4Q16/2017 outlook is favorable on balance but not positive across the board: we are more optimistic than the Street on the prospects for Vivitrol, Aristada (long acting Abilify) and ALKS3831 (schizophrenia); however we're in line with consensus on ALKS5461 (depression) and more cautious on ALKS8700 (Multiple Sclerosis [MS]). Very near term, we think the risk/reward on ALKS shares (~10% downside, ~30% upside) is fairly balanced on a risk-adjusted basis into FORWARD5 results which are expected this quarter. However, after '5461 data we think the stock outlook improves significantly, as we expect continued robust Vivitrol growth, commercial traction for Aristada, and increased enthusiasm on other pipeline programs as they approach data."
Shares of Alkermes closed at $46.94 yesterday.
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