H.C. Wainwright analyst Douglas Tsao keeps a Neutral rating on Alkermes with a $26 price target after adjusting his model ahead of the company's Q4 results later this week. Even after the recently announced restructuring, Alkermes could take additional costs out of its cost structure if necessary, Tsao tells investors in a research note. The company should need to make investments ahead of the launch of ALKS-3831, but with Aristada and Vivitrol showing evidence of maturity, spending on those products likely can be rationalized further, explains the analyst. Tsao thinks the urgency for Alkermes to realize additional savings may hinge on the launch trajectories of Vumerity and ALKS-3831. Vumerity prescription levels have been modest through the first eight weeks, but the launch remains in the very early stages, says Tsao. He continues to see ALKS-4230 as the biggest value driver for Alkermes shares in 2020.