Jefferies Comments on Acquisition at Alkermes

Jefferies has published a report on Alkermes

covering a recent acquisition by the biotechnology company. According to Jefferies, "Alkermes posted a strong quarter with impressive top-line growth. With the EDT transaction to close in September, investor focus will be on a successful integration. A diversified product portfolio should provide cash flow to support development programs that are advancing toward partnership stage. Adjusted EPS beats estimates. For 1QFY12 Alkermes reported an adjusted loss of 0.04 per share. This is a nickel better than our estimate and 8 cents better than consensus. Adjusted earnings excludes $9.5M in costs associated with the EDT merger but does include $5.7M in stock-based compensation." Jefferies rated Alkermes a HOLD with a price target of $19.00. Alkermes closed Monday at $16.92.