JPMorgan analyst Cory Kasimov last night downgraded Alkermes to Neutral from Overweight with a price target of $21, down from $25. The company's Q4 print and 2020 guidance were generally in-line, but its operating expenditure outlook was higher than anticipated, which is "somewhat surprising on the heels of a restructuring," Kasimov tells investors in a research note. Given the adverse market reaction to an overall unsurprising quarter, it's "increasingly clear that it's going to take more tangible progress to shift investor sentiment," contends the analyst. On that point, Kasimov does not see a trigger over the near-to-intermediate term, with 2020 "shaping up as a relatively quiet year." However, the analyst still thinks Alkermes is worth a closer look for longer term, value oriented investors.