Despite being down 60% from its 2018 highs, the risk/reward on Alkermes is adequately reflected in the current stock price, Cantor Fitzgerald analyst Brandon Folkes tells investors in a research note. The analyst says upside to his forecasts and rating could come from ALKS 4230, the company's early immune-oncology candidate. However, he believes near term risk could come from pipeline failures, or Vivitrol and Aristada revenue coming in below consensus estimates. Folkes sees no new meaningful pipeline catalysts in 2019 to get him off the sidelines with respect to shares. As such, he reiterates a Neutral rating on Alkermes with a $33 price target.