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Fly News Breaks for October 24, 2016
ALKS
Oct 24, 2016 | 06:38 EDT
UBS analyst Marc Goodman raised his price target for Alkermes to $57 citing the positive Phase III data for ALKS 5461. There is "some chance" of approval based on the current dataset, but the FDA typically requires two positive Phase III studies for approving depression drugs, Goodman tells investors in a research note. The analyst raised the likelihood of approval for ALKS 5461 from 20% to 60%. He keeps a Neutral rating on Alkermes, however, saying the risk/reward is appropriately reflected at current share levels.
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