Piper Sandler analyst David Amsellem raised the firm’s price target on Alkermes (ALKS) to $45 from $38 and keeps an Overweight rating on the shares in the wake of the company’s plans to acquire Avadel (AVDL). The firm surmises that the relatively muted market reaction to what is a significantly accretive transaction is likely a nod to the longer-term uncertainty associated with the Lumryz sales trajectory amid the eventual availability of multiple orexin 2 receptor agonists. That said, Piper envisions a sizable role for oxybate products in a world with OX2R agonists.
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