Mizuho raised the firm’s price target on Alkermes (ALKS) to $45 from $40 and keeps an Outperform rating on the shares. The firm views the acquisition of Avadel (AVDL) as “strategically synergistic.” The deal positions Alkermes as a leading player in sleep medicine, the analyst tells investors in a research note. Mizuho does not believe the timing of the deal signals Alkermes is losing confidence in the alixorexton program. It still expects competitive data in November.
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