H.C. Wainwright analyst Douglas Tsao lowered his price target for Alkermes (ALKS) to $26 from $28 and reiterates a Neutral rating on the shares. With announced rationalization of the cost structure and launch of Vumerity as well as expected launch of ALKS-3831, the analyst expects the company to achieve non-GAAP profitability. He thinks Vumerity could eventually represent 25%-30% of the Tecfidera/Vumerity franchise, although he would like to see how aggressively Biogen (BIIB) promotes Vumerity before ascribing that much value. However, Tsao is doubtful that earnings based on the launches of Vumerity and ALKS-3831 can command an earnings multiple "that can take shares meaningfully" higher. Sentiment around ALKS-4230 could be the key driver of Alkermes shares over the next two years, the analyst adds.