Alkermes (ALKS) PT Raised to $27 at Stifel on Q1 Beat, Strong Lybalvi Launch

Stifel analyst Paul Matteis raised the price target on Alkermes (NASDAQ: ALKS) to $27.00 (from $24.00) while maintaining a Hold rating, following the company's Q1 report.

The analyst comments: "Alkermes reported strong 1Q numbers, with beats across the board. Lybalvi's launch continues to look strong and though this quarter's beat is partially due to a more favorable GTN than anticipated, underlying demand is tracking favorably, though ALKS wants to see 2Q numbers before considering updating guidance. Overall revenues were strong ($278.5MM vs. $256.0MM), driven by product level beats for both Aristada and Vivitrol. ALKS reiterated overall guidance for 2022 and remains confident in their long-term profitability goals, despite the near/mid-term impact early partial termination of JNJ royalties may have (arbitration proceedings have begun). Elsewhere, even with the recent NKTR Bempeg setback, ALKS remains confident in their ability to monetize nemvaleukin given its differentiated MOA, as they look to less frequent IV and SC data by YE; this remains a show-me story however. We have updated our model, our TP goes to $27--driven by increased Lybalvi estimates."

By Vlad Schepkov

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