Cantor Fitzgerald analyst Brandon Folkes reiterated a Hold rating on Alkermes (ALKS) today and set a price target of $33. The company’s shares opened today at $33.27, close to its 52-week low of $27.54.
Folkes observed:
“: Post 4Q18, we are reiterating our Neutral rating and 12- month price target of $33. ALKS has a number of catalysts over the next 18 to 24 months which could make us more positive on the stock, provided the catalysts are supported by strong commercial execution. These include 1) ENLIGHTEN-2 full data set in BIIB098 (Vumerity) head to head data, and potential approval in mid 2019 and 4Q19 respectively, and 3) ALKS 3831 approval and launch next year. Vivitrol and Aristada continue to do very well with 2019 guidance a positive on these products, compared to our estimates, although Vivitrol guidance was below FactSet 2019 consensus estimates.”
According to TipRanks.com, Folkes is a 1-star analyst with an average return of -1.4% and a 41.6% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Collegium Pharmaceutical, ANI Pharmaceuticals Inc, and Emergent Biosolutions.
The word on The Street in general, suggests a Hold analyst consensus rating for Alkermes with a $42 average price target, a 26.2% upside from current levels. In a report issued on February 4, Stifel Nicolaus also maintained a Hold rating on the stock.
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Based on Alkermes’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $34.44 million. In comparison, last year the company had a GAAP net loss of $9.79 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.
