Alkermes price target raised to $50 from $45 at Needham

Needham raised the firm’s price target on Alkermes (ALKS) to $50 from $45 and keeps a Buy rating on the shares after its Q1 results. The stock is up significantly year to date, partially benefiting from the acquisition of Centessa (CNTA) by Eli Lilly (LLY), though it remains undervalued considering its profitable base business is expected to generate $370M to $410M in adjusted EBITDA this year and It’s increasing lead over Centessa with expanded Phase 2b ORX750 following the acquisition, the analyst tells investors in a research note.