Alkermes story still about depression med approvability, says Cantor

Cantor Fitzgerald analyst William Tanner reiterates a Neutral rating on Alkermes with a $46 price target following yesterday’s Q2 results. FDA approval of ALKS 5461 is critical to the company’s long-term prospects, Tanner tells investors in a research note. He maintains the view that “approval is far from clear-cut.” The analyst calls the FDA advisory panel in Q4 a “major event.” With an FDA action date of January 31, 2019, there could be some time to address deficiencies, if needed, the analyst writes. Tanner believes that with two of the Phase 3 studies failing to meet the primary endpoint, regulatory issues “could be more complicated than simply viewing all of the data in aggregate.”
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