Alkermes price target raised to $31 from $28 at BofA

BofA raised the firm’s price target on Alkermes (ALKS) to $31 from $28 and keeps a Neutral rating on the shares, citing a higher multiple given the recent move in biotech peer comps for the increased target. In the firm’s discussion in a sleep expert call previewing orexin data in 2025, BofA plans to focus on expectations for Alkermes and Centessa’s (CNTA) respective Phase 2 data updates in narcolepsy in 2025, the analyst noted.