Stifel raises Alkermes price target to $30 following ‘solid Q4’

Stifel analyst Paul Matteis raised the firm’s price target on Alkermes to $30 from $27 and keeps a Hold rating on the shares. The firm notes Alkermes posted a "solid" Q4, beating on Vivitrol, modestly beating on Lybalvi, and missing on Aristada–this also came alongside guidance that captures consensus, but specifically on Lybalvi reflects a confident growth outlook from management. Alkermes also accelerated potential achievement of its profit margin targets–coming one year earlier–which stems somewhat from R&D savings associated with the already announced oncology spin, though it appears to imply upside to Stifel’s previous revenue projections which the firm has now raised.