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UPDATE: Citigroup Raises PT on Alkermes on Multiple Value Opportunities

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In a report published Thursday, Citigroup analyst Jonathan Eckard reiterated a Buy rating on Alkermes PLC (NASDAQ: ALKS), and raised the price target from $38.00 to $43.00.

In the report, Citigroup noted, “We are adding ALKS to the Citi Focus List and increasing our target price on ALKS to $43 from $38 based on our increased estimates for late-stage programs, introduction of estimates for earlier stage programs, and lower outyear tax rate. We believe there are several ALKS programs with significant commercial potential. Considering the breadth of interesting programs in the company's pipeline, we believe that ALKS' relative valuation is discounted compared to other mid-cap biotech companies within the same range of market capitalization.”

Alkermes PLC closed on Wednesday at $32.62.

Latest Ratings for ALKS

DateFirmActionFromTo
Jul 2016Cowen & CompanyUpgradesOutperformMarket Perform
Jul 2016BarclaysMaintainsOverweight
May 2016Evercore ISI GroupInitiates Coverage onBuy

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Posted-In: Citigroup Jonathan EckardAnalyst Color Price Target Analyst Ratings

 

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