Alkermes (ALKS) PT Lowered to $22 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brandon Folkes lowered the price target on Alkermes (NASDAQ: ALKS) to $22.00 (from $26.00) while maintaining a Neutral rating.

Folkes commented, "Post 3Q19, we are reiterating our Neutral rating and revising our 12-month price target to $22 from $26. ALKS has a number of catalysts over the next 18 to 24 months that could drive upside to our revised price target; however, these catalysts will need to be followed by strong commercial execution, to which we are taking a wait and see approach. These catalysts include 1) Vumerity full approval and launch, and 2) ALKS 3831 approval and launch next year. While we view Vivitrol and Aristada as good products, in our view, FactSet consensus for 2020+ remains high, and growth assumptions may need to moderate as we have seen in 2019 so far. If there is upside to ALKS stock, we believe it will largely be driven by ALKS 3831, Vumerity, and ALKS 4230, all of which we need more visibility on the peak sales potential and commercial execution before we can become more constructive on ALKS stock."

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