In a report released yesterday, David Buck from B.Riley FBR maintained a Buy rating on Alkermes (NASDAQ: ALKS), with a price target of $60. The company’s shares opened today at $44.53, close to its 52-week low of $39.54.
Buck noted:
“Buy-rated Alkermes plc (ALKS) remains one of our Favorite Five stocks for 2H18 and we stay with our $60 per share price target. We update our model with housekeeping tweaks following the 2Q18 EPS report from Alkermes and our 2Q18 10-Q review. We continue to be excited by potential for ALKS 3831 (oral schizophrenia combo), with ENLIGHTEN-2 results reporting by 4Q18 and an NDA filing by 1H19, if successful, and we see $1B peak potential. We expect ALKS 5461 to have more clarity around potential January 2019 approval with an expected November 2018 FDA Advisory Committee.”
According to TipRanks.com, Buck is a 4-star analyst with an average return of 12.8% and a 71.6% success rate. Buck covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc, Spectrum Pharmaceuticals, and Supernus Pharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Alkermes with a $52.38 average price target.
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Based on Alkermes’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $32.65 million. In comparison, last year the company had a GAAP net loss of $43 million.
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Alkermes Plc IS a biopharmaceutical company, which engages in the development, research, and commercialization of medicines that are designed to address unmet medical needs of patients in major therapeutic areas. It operates through the following geographical segments: U.S., Ireland, Rest of the World, and Other.
