Alkermes price target raised to $33 from $30 at BofA

BofA raised the firm’s price target on Alkermes to $33 from $30 and keeps a Neutral rating on the shares. Based on FY24 guidance that calls for lower operating expenses than the firm previously assumed, it is raising 2024 and FY25 non-GAAP EPS estimates by 12% and 13%, respectively, while it also made “small tweaks” to its topline forecast. However, the firm notes it made “no major changes” to its sales forecasts for Alkermes’ key proprietary products.