UPDATE: UPDATE: Jefferies Assumes Alkermes (ALKS) at Buy (correction)

(Updated - October 6, 2021 4:15 PM EDT)

Jefferies analyst Akash Tewari assumes coverage on Alkermes (NASDAQ: ALKS) with a Buy rating and a price target of $36.00.

The analyst comments "While ALKS stock has run up ~30% in the last few months, we still lean positively for a few reasons: (1) Lybalvi's commercial potential is not fully appreciated as we forecast peak sales >$750Mn (~$215Mn higher than consensus); (2) ALKS' overall profitability will improve over time; (3) Although still early, we think ALKS has a competitive OX2 asset vs TAK and bake in ~$460Mn peak sales at a 30% POS. Buy, $36 PT."

For an analyst ratings summary and ratings history on Alkermes click here. For more ratings news on Alkermes click here.

Shares of Alkermes closed at $30.88 yesterday.

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