Joseph Thome, an analyst from TD Cowen, maintained the Buy rating on Alkermes. The associated price target remains the same with $38.00.
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Joseph Thome has given his Buy rating due to a combination of factors including Alkermes’s strong financial performance and promising pipeline developments. The company’s Q2 revenue significantly exceeded expectations, driven by robust sales from its marketed products, which provides a solid foundation for future growth. Additionally, Alkermes’s management has reaffirmed its financial guidance for FY25, indicating confidence in sustained revenue performance.
Thome is also optimistic about the potential of Alkermes’s pipeline, particularly the ALKS 2680 compound, which has shown promising results in Phase II studies. The management’s confidence in the drug’s efficacy, especially its impact on fatigue and cognition, sets it apart from other treatments. Furthermore, the high enrollment rate in the long-term extension study suggests a favorable safety profile, which could enhance the drug’s market potential. These factors collectively contribute to Thome’s positive outlook on Alkermes’s stock.
In another report released today, Needham also maintained a Buy rating on the stock with a $45.00 price target.