After hosting an investor dinner last night with management, Cowen analyst Chris Shibutani said the risk/reward for Alkermes shares is favorable into the full details from the FORWARD 5 trial in May. The analyst believes the company is being smart in how it manages the process with the FDA and notes that investors remain skeptical on the chances of approval for the major depressive order treatment. Further, Vivitrol is a franchise product which "should continue to deliver very strong growth, resilient in the face of competition," Shibutani told investors last night in a research note. He has an Outperform rating on Alkermes with a $65 price target. Richard Pops, CEO of Alkermes, presented this morning at Cowen's healthcare conference. Pops said he's "quite confident" in the dataset for ALKS 5461 and that investors should expect to see more data and regulatory updates as the year progresses. Alkermes is down 95c to $59.25 in morning trading.