Alkermes price target lowered to $28 from $29 at BofA

BofA analyst Jason Gerberry lowered the firm’s price target on Alkermes (ALKS) to $28 from $29 and keeps a Neutral rating on the shares. The company reported a relatively in-line Q3 and reiterated 2024 guidance, but the focus of earrings call was around management’s commentary indicating 2025 EBITDA will come in greater than $200M versus the consensus of $400M, the analyst tells investors in a research note. The firm says the EBITDA “disconnect” from Street numbers appear skewed to the loss of high margin royalty revenues and to a lesser extent spending.