Alkermes shares trading near base business value, says JPMorgan
Ahead of his conference call today with CEO Richard Pops, JPMorgan analyst Cory Kasimov says shares of Alkermes are trading near the company's base business value of $33 and that fundamental downside risk at these levels is "relatively limited." What is harder to determine is whether Alkermes shares will remain range bound for a prolonged period of time or if the company will start to get credit for its later stage product candidates, Kasimov tells investors in a research note. The analyst believes ALKS 3831 and Vumerity are "worth something at this juncture" and that improving investor sentiment will be key, along with solid execution in the near term, to unlock this potential value. He maintains an Overweight rating on Alkermes with a $41 price target.