In a report released today, Joseph Thome from TD Cowen maintained a Buy rating on Alkermes (ALKS – Research Report), with a price target of $38.00.
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Joseph Thome has given his Buy rating due to a combination of factors that highlight Alkermes’ strong financial performance and potential for future growth. The company reported impressive Q4 revenues of $430 million, surpassing the consensus estimate of $380.5 million, driven by robust sales from products like Vivitrol, Aristada, and Lybalvi. Furthermore, Alkermes provided an optimistic revenue guidance for FY25, projecting between $1,340 million and $1,430 million, alongside an EBITDA range of $215-245 million, which slightly exceeded expectations and was viewed positively by investors.
Another significant factor influencing Thome’s rating is the ongoing development of ALKS 2680, which is seen as a key future growth driver for the company. The anticipation of Phase II data for ALKS 2680 in NT1/NT2 later this year is a major catalyst, with encouraging results so far suggesting potential upside. The potential for multiple approved doses and the focus on maintaining tolerability in future updates could further enhance the company’s stock value, making Alkermes an attractive investment opportunity.
In another report released yesterday, Deutsche Bank also initiated coverage with a Buy rating on the stock with a $40.00 price target.