Alkermes price target lowered to $37 from $38 at Piper Sandler

Piper Sandler lowered the firm’s price target on Alkermes (ALKS) to $37 from $38 and keeps an Overweight rating on the shares post the Q3 report. Alkermes reiterated its 2024 guidance ranges and provided a glimpse into 2025, and not surprisingly, spending will be up meaningfully to support Lybalvi in the context of a promotion-sensitive environment, the analyst tells investors in a research note. The firm believes the shares “remain uniquely attractive” as a cash-generating multi-product central nervous system business “with optionality on what is becoming a varied” orexin 2 receptor agonist pipeline.