Alkermes(ALKS_) is an integrated biotechnology company developing medicines that increase patient outcomes. It has been given a buy rating by UBS Investment Research mainly due to the EDT deal, making the company immediately profitable on an adjusted EBITDA basis. The deal also makes Alkermes less dependent on Bydureon; resulting in no downside risk to Risperdal Consta.
UBS believes that Bydureon is likely to get FDA approval, thus becoming an important growth driver for Alkermes. The company has assets in its pipeline which are expected to increase valuation for the company in the medium to long term. Shares of are currently trading at $18 per share and are expected to reach a price target of $21 by the end of 2012. John Burbank's Passport Capital had the largest stake in ALKS among the more than 350 hedge funds we are tracking.
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