Goldman Sachs analyst Chris Shibutani maintained a Buy rating on Alkermes (ALKS – Research Report) today and set a price target of $32.00.
Chris Shibutani has given his Buy rating due to a combination of factors surrounding Alkermes, including the company’s solid commercial performance and the potential of its drug pipeline. Alkermes’s first-quarter revenues were in line with expectations, and the firm maintained its full-year guidance, demonstrating a consistent financial performance. Although the earnings per share were slightly lower than anticipated, due to higher expenses, the operational expenditure guidance remains unchanged. This indicates a clear path for the company to achieve its profitability goals throughout the remainder of the year.
The positive projection for Alkermes is further supported by the commercial traction of Lybalvi, which is gaining ground with new patient starts in the bipolar disorder space and a widening prescriber base, strengthening its market position. However, the primary driver for the Buy rating is the significant opportunity presented by ALKS2680 in treating narcolepsy. The commencement of Phase 2 studies and the potential to clarify the drug’s long-term clinical profile and safety are highly anticipated developments that could substantially increase the drug’s market scope. Despite a slight adjustment in the price target, the overall outlook for Alkermes remains strong, justifying the Buy rating.
In another report released on April 29, Piper Sandler also assigned a Buy rating to the stock with a $39.00 price target.
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Alkermes (ALKS) Company Description:
Alkermes Plc is a biopharmaceutical company, which engages in the development, research, and commercialization of medicines that are designed to address unmet medical needs of patients in major therapeutic areas. Its products include Aristada, which is used for the treatment of schizophrenia in adults; and Vivitrol, which is an injectable medication for the treatment of alcohol dependence and for the prevention of relapse to opioid dependence, following opioid detoxification. The company was founded on May 4, 2011 and is headquartered in Dublin, Ireland.
