Alkermes Rallies Off Positive Data For Depression Drug Trial

Alkermes Plc ALKS shares are trading higher by $14.33 at $57.81 in Friday's session. There are two catalysts that are factoring into the rally.

First of all, after the close on Thursday, the company announced positive data from a depression treatment trial. Also, the issue moved higher on positive comments from CNBC's Jim Cramer.

After a higher open, it continued in that direction until peaking at $59.40 and reversing course.

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That level is shy of its January 20 high of $61.56. The following day the issue sank to $33.69 following the announcement that ALKS5461 study for depression disorder did not meet its endpoint.

The ensuing decline off the high has found intraday support at $54.80 and now the issue is attempting to remain at the $57 handle.

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