Mizuho kept a Buy rating and $40 price target on Alkermes following this morning’s “positive news” of a settlement with Teva (TEVA) on the Vivitrol patent litigation, which has been a key overhang on Alkermes’ stock. The settlement allows a generic Vivitrol from Teva to enter the market in 2027, which “improves the odds for Alkermes hitting its 2024/2025 non-GAAP profitability targets.” Mizuho believes Alkermes current stock price factors in a generic Vivitrol entry date before 2027, and the firm expects Alkermes stock to be up on this news.
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