The “decidedly negative” FDA panel vote yesterday for ALKS 5461, while unsurprising following the briefing documents, put “significantly more pressure” on the pending ALKS 3831 Phase 3 readout in schizophrenia later this quarter, JPMorgan analyst Cory Kasimov tells investors in a research note titled “ALKS Uphill Climb Fails to Reach the Summit.” The analyst, however, believes yesterday’s panel vote was broadly viewed as a “very high risk shot on goal” and notes he completely removed ALKS 5461 from his model last year. Nevertheless, “this is clearly not a great way to kick off a catalyst rich period for the company,” says Kasimov. He has an Overweight rating on Alkermes and continues to estimate the fair value of the company’s base business at $33 per share.
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