Hapoalim Reiterates Buy on Alkermes (ALKS)

Hapoalim is out with its report today on Alkermes

, reiterating Buy and a $16 price target. In a note to clients, Hapoalim writes, "Last night, Alkermes reported fiscal 3Q11 earnings of ($0.12), which was $0.04 above our and the consensus estimate. Total revenues were $0.4 million above our estimate and overall operating expenses were $3.1 million below our estimates. The FDA recently gave written feedback indicating approval of the study design for the required Bydureon tQT study and the study is expected to begin in February. Alkermes expects that the Bydureon re-filing will be complete in 2H11. We reiterate our BUY rating and $16 Price Target." At the time of posting, shares of ALKS were trading at $13.70, up 7.20% from Thursday's close.