Credit Suisse downgrades Alkermes to Underperform from Outperform

Credit Suisse analyst Vamil Divan double downgraded Alkermes to Underperform from Outperform and lowered his price target for the shares to $31 from $47. The stock closed yesterday at $35.50. The analyst, who admits to being a long time bull of the company, sees “limited drivers” in 2019 to turn the story around following a “series of disappointing or underwhelming pipeline catalysts.” He removed sales of depression drug ALKS 5461 from his model and lowered expectations for schizophrenia drug ALKS 3831 after Phase 3 data indicated to him a “more limited commercial opportunity.”
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