Baird Starts Alkermes (ALKS) at Outperform

Baird analyst Joel Beatty initiates coverage on Alkermes (NASDAQ: ALKS) with a Outperform rating and a price target of $37.00.

The analyst comments "We're initiating coverage of ALKS with an Outperform rating and a $37 price target. 2024 guidance is for revenue of $1.5B-$1.6B, with non-GAAP net income of $465M-$505M. Along with >$800M in cash as of YE23, we believe this provides a solid floor value for the stock. Beyond this, we believe key pipeline agent ALKS 2680 has strong potential for narcolepsy type 1, because the drug works on the causal pathway of the disease, with compelling phase 1b data to date."

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 $28.75 yesterday.

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