Alkermes price target lowered to $29 from $33 at JPMorgan

JPMorgan analyst Jessica Fye lowered the firm’s price target on Alkermes to $29 from $33 and keeps a Neutral rating on the shares. The analyst sees a "dynamic period ahead" for a group of biotechnology stocks with market caps up to $10B for "reasons ranging from major clinical readouts to key NDA submissions to a strategic separation." She sees Alkermes boasting Lybalvi as a "fast-growing product" in addition to its commercial portfolio and multiple manufacturing/royalty revenue streams. However, Fye believes there is "a lot riding on" Lybalvi and wants to see sustained traction to get more confident in potential upside from the product.