Joseph Thome, an analyst from TD Cowen, maintained the Buy rating on Alkermes. The associated price target was raised to $40.00.
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Joseph Thome has given his Buy rating due to a combination of factors including Alkermes’ strong financial performance and strategic positioning. The company reported Q3 revenues significantly above consensus, driven by the success of its proprietary products Vivitrol, Aristada, and Lybalvi. This strong performance led Alkermes to raise its financial guidance for FY25, indicating confidence in sustained growth.
Additionally, the upcoming release of topline data from the Phase II study of alixorexton in NT2 patients is anticipated to further bolster the company’s prospects. The acquisition of Avadel is seen as a strategic move to enhance Alkermes’ commercial capabilities, particularly in the sleep disorder market. This acquisition, along with the promising development of the orexin 2 receptor agonist platform, underscores Alkermes’ potential for future success and supports Thome’s positive outlook.
According to TipRanks, Thome is a 5-star analyst with an average return of 22.6% and a 56.05% success rate. Thome covers the Healthcare sector, focusing on stocks such as United Therapeutics, Alkermes, and PTC Therapeutics.
In another report released today, Needham also maintained a Buy rating on the stock with a $43.00 price target.