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Fly News Breaks for November 18, 2019
ALKS
Nov 18, 2019 | 12:13 EDT
Alkermes strengthened its early-stage pipeline with the acquisition of Rodin Therapeutics and its oral, selective histone deactelyase inhibitors platform, Piper Jaffray analyst Danielle Brill tells investors in a research note. Building out its research and development efforts in the neurodegenerative space will allow Alkermes to leverage its existing expertise, adds the analyst, who views the company's effort to expand its pipeline positively. However, Brill notes that the acquired assets are still in very early development "and won't be value-creating for some time." To get more constructive on the shares, the analyst wants to see Alkermes add clinical stage assets "that are more de-risked" to its pipeline. Brill keeps a Neutral rating on the shares with a $22 price target.
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