UPDATE: Morgan Stanley Upgrades Alkermes plc to Overweight on New Pipeline Opportunities

Morgan Stanley upgraded Alkermes plc

from Equal-weight to Overweight and raised the price target from $21.00 to $26.00. Morgan Stanley noted, "We anticipate improving investor perception as Alkermes transitions from being an outsourced drug delivery tech co. to an innovation engine with higher-value internal candidates. … We added a key new pipeline drug (3831 for schizophrenia) due to new disclosure Jan. 4, and we have greater conviction that Alkermes can develop new drugs to offset patent expirations in 2019 and beyond." Alkermes plc closed at $21.61 on Wednesday.