Merrill increases Alkermes price target to $24

Alkermes Inc. was maintained by Merrill Lynch analyst Hari Sambasivam at a buy rating, but the price target was increased to $24 from $19 as the company prepares for the launch of Vivitrex for alcohol and opioid dependency in 2006. Merrill said it believes the stock will perform well following the launch and the transformation of the company to operating profit/break-even as early as the end of 2007. The company's diabetes pipeline also represents medium- to long-term value. Shares of the Cambridge, Mass., pharmaceutical company were up 32 cents, or 1.81%, at $17.99 on volume of 937,959 shares versus the three-month running average of 1,060,410 shares.

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