Alkermes price target lowered to $41 from $46 at Cantor Fitzgerald

Cantor Fitzgerald analyst William Tanner lowered his price target for Alkermes to $41 from $46 and reiterates a Neutral rating on the shares. The FDA advisory panel view of the ALKS 5461 NDA is a “major setback” not only for the drug but also to the ability of Alkermes to convince investors that the company can develop proprietary therapies of meaningful commercial potential, Tanner tells investors in a research note. He now believes the upcoming ALKS-3831 Enlighten-2 data release “looms larger” after the ALKS 5461 panel decision.
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