UPDATE: J.P. Morgan Lowers Alkermes' PT

According to a research report published this morning, J.P. Morgan has lowered Alkermes'

PT from $24 to $23. In the report, J.P. Morgan said, "Post close, Alkermes announced the discontinuation of ALKS-37 (for opioid induced constipation, or OIC) after the product did not exceed management's internal threshold in Phase 2b to warrant continued development into a pivotal Phase 3 program. Overall, we view this is a modest setback to the company's pipeline, and we are not expecting a significant response in the stock. Our model had only assumed a 25% probability of success. Removing this potential call option results in our Dec 2012 PT dropping to $23 from $24." Alkermes closed yesterday at $16.58.