Leerink analyst Paul Matteis raised his price target for Alkermes to $70 after the company announced positive results from its third Phase III study for ALKS 5461 in depression. The drug has a "realistic chance" with the FDA on the data package generated to date, Matteis tells investors in a research note. The analyst assumes a 50% probability of approval without the need for an additional study and a 60% chance of approval overall. He reiterates an Outperform rating on Alkermes. The biopharmaceutical company is up 38%, or $16.74, to $60.25 in pre-market trading.