Alkermes price target lowered to $35 from $37 at Mizuho

Mizuho lowered the firm’s price target on Alkermes to $35 from $37 and keeps a Buy rating on the shares. The stock sold off significantly post earnings although sales of the company’s three key products missed consensus only modestly, the analyst tells investors in a research note. The firm says investors appear particularly concerned with Lybalvi’s long-term growth prospect, as Lybalvi needs a strong growth trajectory to fill-in for the 2027 Vivitrol exclusivity loss. However, Mizuho believes the softness was driven by summer seasonality and adoption should pick up in Q4.