- BofA Securities has upgraded Alkermes to hold from underperform as it sees peak sales of ~$650M from bipolar disorder treatment Lybalzi (olanzapine and samidorphan).
- The firm, however, lowered its price target to $25 from $27 (10% upside based on Thursday's close).
- Analyst Jason Gerberry said he sees it as a positive that the company has not committed funding for IL2 candidate nemvaleukin alfa beyond platinum-resistant ovarian cancer and mucosal melanoma current phases.
- Gerberry added that while litigation with Teva Pharmaceutical Industries ( TEVA ) over Invega (paliperidone) royalties has been a drag on Alkermes ( NASDAQ: ALKS ), he sees few opportunities for Teva ( TEVA ) to be successful and a settlement would be mutually beneficial to both companies.
- Check out why Seeking Alpha contributor Avisol Capital Partners rates Alkermes ( ALKS ) a hold.
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Alkermes upgraded to neutral at BofA on improved risk/reward outlook