Cantor Fitzgerald Reiterates a Hold Rating on Alkermes (ALKS)

By Ryan Adsit

In a report released today, William Tanner from Cantor Fitzgerald reiterated a Hold rating on Alkermes (ALKSResearch Report), with a price target of $47. The company’s shares opened today at $37.68, close to its 52-week low of $36.67.

Tanner observed:

“: We reiterate the Neutral rating for ALKS stock and are reducing our PT by $5 to $41. We believe 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 ALKS to convince investors that the company can develop proprietary therapies of meaningful commercial potential.”

According to TipRanks.com, Tanner is a 3-star analyst with an average return of 1.4% and a 43.6% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Supernus Pharmaceuticals, Intra-Cellular Therapies, and Evofem Biosciences Inc.

Currently, the analyst consensus on Alkermes is a Moderate Buy with an average price target of $47.50, which is a 26.1% upside from current levels. In a report released today, Piper Jaffray also initiated coverage with a Hold rating on the stock with a $40 price target.

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Based on Alkermes’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $34.44 million. In comparison, last year the company had a GAAP net loss of $36.28 million.

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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.