Alkermes (ALKS) PT Raised to $32 at Goldman Sachs

Goldman Sachs analyst Chris Shibutani raised the price target on Alkermes (NASDAQ: ALKS) to $32.00 (from $30.00) while maintaining a Buy rating.

The analyst comments "Relative outperformance for ALKS shares in the context of an inline 4Q, 2025 guidance slightly below consensus expectations and a volatile broader tape, signals in our view, the continued build in investor focus and enthusiasm for the company’s opportunity set in therapeutics for sleep related disorders with their advancing pipeline of Orexin agonist assets. 4Q24 results were satisfyingly ahead on the top and bottom line. FY25 guidance, while overall a bit soft relative to expectations, does include EBITDA guidance of $215-245mn ($230mn midpoint) which we note is above the previously guided floor of >$200mn mentioned during 3Q24 results. Value attribution is clearly headlined by ALKS2680. Phase 2 data across both NT1 and NT2 in 2H25 present potential upside catalysts in our view. Updates on clinical development strategy (also in pursuit of IH, enrolling well including in ex-US sites) points to solid execution and signals potential to capture the broadest scope of market opportunity amongst competitors. Conservatism in base business expectations is less a focus with dynamics well understood (potential for competition in schizophrenia from Cobenfy) and the achievability of results on a lean expense base providing less of a downside risk distraction to the stock narrative in our view. Tweaks to our model including slight increases to our POS assumptions for '2680 based primarily on stage of progress, prompt our PT to increase to $32, from $30 prior."

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