BofA raised the firm’s price target on Alkermes (ALKS) to $35 from $34 and keeps a Neutral rating on the shares. The firm’s higher target reflects a higher P/E multiple given recent moves in peer multiples and biotech peers, but its Neutral rating is based on the view that data for the orexin-receptor-2 agonist program due in the second half of this year carries a balanced risk/reward. The firm believes the drug, ALKS2680, has a high probability of success for the narcolepsy type 1 indication, where it expects the drug to generate competitive data, the analyst tells investors.
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Read More on ALKS:
- Alkermes initiated with a Sector Perform at RBC Capital
- Alkermes upgraded to Neutral from Sell at UBS
- Alkermes: Hold Rating Amid Declining Base Business Value and Optimistic Orexin Outlook
- Regulatory Challenges Pose Significant Risks to Alkermes’ Financial Stability
- Alkermes plc Reports Record Revenues in 2024 Earnings Call
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