Fly News Breaks for December 16, 2016
ALKS
Dec 16, 2016 | 08:28 EDT
Cantor Fitzgerald analyst William Tanner initiated Alkermes with a Neutral rating and $52 price target. The analyst wants clarity on the development path for ALKS- 5461 before recommending the shares. The stock move from the low $40s to almost $60 on the positive FORWARD-5 trial has priced in a high probability that the drug is approvable for treating major depressive disorder without additional clinical studies, Tanner told investors last night in a research note. He believes the inability to file with the existing data would create "significant downward" pressure on Alkermes shares.
News For ALKS From the Last 2 Days
ALKS
Mar 18, 2024 | 16:29 EDT
Baird initiated coverage of Alkermes with an Outperform rating and $37 price target. The company's 2024 guidance and its over $800M in cash as of the end of 2023 "provides a solid floor value for the stock," the analyst tells investors in a research note. The firm believes Alkermes' key pipeline agent ALKS 2680 has strong potential for narcolepsy type 1. The drug works on the causal pathway of the disease, with compelling Phase 1b data to date, says Baird. It attributes $7 per share to ALKS 2680 in narcolepsy type 1 and leaves narcolepsy type 2 and idiopathic hypersomnia as upside.