ZacksBy Zacks Equity Research | Zacks – 8 hours ago
We are upgrading Alkermes Plc (ALKS) to Outperform following the upwardly revised adjusted earnings guidance provided by the company for fiscal 2013. The guidance was boosted following the successful completion of the refinancing of Alkermes' previously outstanding senior secured bank debt.
Alkermes has been performing well since the purchase of Elan's EDT unit last year, thanks to the expanded portfolio. Moreover, the US approval of type II diabetes drug, Bydureon, is a major positive for Alkermes as the drug offers significant commercial potential. We are also pleased by the pipeline progress at Alkermes.
We believe that there is significant scope for stock price appreciation from current levels. Our price target of $24.00 is based on 6.1x our fiscal 2013 revenue estimate.
Recent ALKS News
- Alkermes to Report Second Quarter Financial Results on July 24, 2024 • PR Newswire (US) • 07/17/2024 08:00:00 PM
- Alkermes to Report Second Quarter Financial Results on July 24, 2024 • PR Newswire (US) • 07/17/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/11/2024 12:56:20 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/11/2024 12:55:11 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 09:05:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 09:01:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:53:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:51:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:49:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:45:15 PM
- Alkermes Presents Data From Phase 1b Study of ALKS 2680 Demonstrating Improved Wakefulness in Patients With Narcolepsy Type 1 at SLEEP 2024 • PR Newswire (US) • 06/03/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/31/2024 08:05:10 PM
- Alkermes to Participate in Two Upcoming Investor Conferences • PR Newswire (US) • 05/29/2024 08:00:00 PM
- Alkermes to Participate in Two Upcoming Investor Conferences • PR Newswire (US) • 05/29/2024 08:00:00 PM
- Alkermes to Present New Clinical Data for ALKS 2680 at SLEEP 2024 • PR Newswire (US) • 05/28/2024 11:00:00 AM
- Alkermes to Present New Clinical Data for ALKS 2680 at SLEEP 2024 • PR Newswire (US) • 05/28/2024 11:00:00 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/14/2024 08:30:08 PM
- Alkermes Highlights Data Presentations Related to its Psychiatry Franchise at Spring 2024 Scientific Conferences • PR Newswire (US) • 05/14/2024 11:00:00 AM
- Alkermes Highlights Data Presentations Related to its Psychiatry Franchise at Spring 2024 Scientific Conferences • PR Newswire (US) • 05/14/2024 11:00:00 AM
- Alkermes plc Completes Sale of Athlone, Ireland Facility to Novo Nordisk • PR Newswire (US) • 05/02/2024 11:00:00 AM
- Alkermes plc Reports First Quarter 2024 Financial Results • PR Newswire (US) • 05/01/2024 11:00:00 AM
- Alkermes Announces Initiation of Vibrance-1 Phase 2 Study Evaluating ALKS 2680 for the Treatment of Narcolepsy Type 1 • PR Newswire (US) • 04/24/2024 11:00:00 AM
- Alkermes to Report First Quarter Financial Results on May 1, 2024 • PR Newswire (US) • 04/17/2024 08:00:00 PM
- Alkermes to Report First Quarter Financial Results on May 1, 2024 • PR Newswire (US) • 04/17/2024 08:00:00 PM
- Alkermes Announces Positive Topline Results From Phase 1b Study of ALKS 2680 Demonstrating Improved Wakefulness in Patients With Narcolepsy Type 2 and Idiopathic Hypersomnia • PR Newswire (US) • 04/09/2024 11:00:00 AM
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