Alkermes initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Alkermes with a Buy rating and $34 price target. Following the spin-off of Mural Oncology, Alkermes has re-focused its efforts to become a leading CNS player and the firm sees significant potential for lead pipeline asset ALKS 2680 to disrupt the narcolepsy treatment paradigm, the analyst tells investors. The firm believes the current share price reflects the value of the base business alone, so successful advancement of the orexin pipeline could drive upside, the analyst added.