B.Riley FBR Thinks Alkermes’ Stock is Going to Recover

By Austin Angelo

B.Riley FBR analyst David Buck maintained a Buy rating on Alkermes (NASDAQ: ALKS) today and set a price target of $60. The company’s shares opened today at $43.68, close to its 52-week low of $39.54.

Buck wrote:

“Buy-rated Alkermes plc (ALKS) remains one of our Favorite Five stocks for 2H18 and we see attractive potential upside to our 12-month price target of $60 per share. We recently hosted Alkermes management, including chairman and CEO for our Catalyst Conference Call series with investors. We have increased confidence in our positive thesis and news flow for the remainder of 2018 could increase confidence in long-term growth.”

According to TipRanks.com, Buck is a 4-star analyst with an average return of 17.4% and a 72.6% success rate. Buck covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc, Spectrum Pharmaceuticals, and Supernus Pharmaceuticals.

Currently, the analyst consensus on Alkermes is a Moderate Buy with an average price target of $52.71, a 20.7% upside from current levels. In a report issued on July 2, J.P. Morgan also maintained a Buy rating on the stock.

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The company has a one-year high of $71.22 and a one-year low of $39.54. Currently, Alkermes has an average volume of 875.5K.

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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.