J.P. Morgan Increases PT On ALKS To $21

J.P. Morgan is raising the price target from $16 to $21 on Alkermes Inc. ALKS in light of the company's F4Q result. According to J.P. Morgan, “We reiterate our OW on ALKS following its F4Q report after market close. In our view, ALKS is an increasingly well positioned company following last week's acquisition of EDT (expected to close in 3Q) although this deal somewhat marginalized the significance of today's results/guidance. On the heels of this transaction and the extended IP for Vivitrol, we are increasing our PT to $21 from $16.” As mentioned above, J.P. Morgan maintains its Overweight rating on the stock. ALKS closed at $18.03 yesterday.