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Fly News Breaks for January 21, 2016
ALKS
Jan 21, 2016 | 09:41 EDT
Leerink analyst Paul Matteis cut his price target for Alkermes to $58 from $84 after two Phase 3 trials for ALKS-5461 missed their primary endpoints. The analyst, however, says the shares are oversold at current levels. At around $40, the stock "looks on sale this morning," Matteis tells investors in a research note. Nonetheless, the analyst sees "challenging path ahead" for '5461. The FORWRD-5 study needs to be a "clear success" for the drug to have a realistic shot at FDA approval, the analyst contends. His new $58 price target reflects the removal of '5461 from his model. Matteis keeps an Outperform rating on Alkermes, which is down 37%, or $22.24, to $38.18 in early trading.
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