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Jefferies maintains Alkermes at hold
Alkermes Inc. was maintained by Jefferies & Co., Inc. at a hold rating and an $18 price target after an early milestone payment from Eli Lilly & Co. and collaborative profits related to Vivitrex led to a profitable quarter. Due to the lack of clarity regarding the FDA delay of Vivitrex and no new data on the diabetes franchise expected in the coming months, the stock lacks a catalyst, Jefferies said. Shares of the Cambridge, Mass., drug development company were up $2.11, or 12.50% at $18.99 on volume of 2,772, 038 shares versus the three-month running average of 1,117,930 shares.
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