Goldman Sachs analyst Terence Flynn upgraded Alkermes to Neutral from Sell with an unchanged price target of $27. The analyst cites the stock's recent underperformance for the upgrade and says there is now ~15% upside to his 12-month price target. The shares now adequately reflect risks from ALKS 3831 not being "significantly differentiated" in schizophrenia, the likely deprioritization of the ALKS 5461 program given the FDA complete response letter, and higher than appreciated expenses into the '3831 launch, Flynn tells investors in a research note. The analyst sees a balanced risk/reward at current share levels.