Alkermes price target raised to $28 from $27 at BofA

BofA analyst Jason Gerberry raised the firm’s price target on Alkermes (ALKS) to $28 from $27 and keeps a Neutral rating on the shares after the company was granted an interim award in its arbitration proceeding with Johnson & Johnson (JNJ). While not a final award, the update "reads, at a minimum, directionally positive" to Alkermes as the company may recoup part or all foregone royalty revenue on U.S. Invega from February 2022 to the 2024 end of know-how period, Gerberry tells investors in a research note. The analyst, however, still sees a balanced risk/reward on shares of Alkermes.