Fly News Breaks for February 14, 2020
Feb 14, 2020 | 07:10 EDT
H.C. Wainwright analyst Douglas Tsao says Alkermes' renewed focus on profitability "underwhelms" for 2020. The analyst lowered his price target for the shares to $25 from $26 and keeps a Neutral rating on the name. The company reported "solid" Q4 earnings though its 2020 outlook misses Street expectations, Tsao tells investors in a research note. The shares came under some pressure yesterday on disappointment that management's non-GAAP EPS outlook for 2020 fell short of Street expectations, says the analyst. Alkermes managed through worsening of gross-to-nets for Aristada and Vivitrol in Q4, although price pressure is expected to remain a headwind next year, adds Tsao.
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