Merrill raises Alkermes target to $30

Alkermes Inc. was maintained by Merrill Lynch analyst Hari Sambasivam at a buy rating and the price target was increased to $30 from $24 based on a rolling over of Merrill's valuation year to fiscal year 2010 from 2009 and appreciation of the Nasdaq Biotech index and smaller cap biotechnology stocks, suggesting an increased risk tolerance by investors. Key events included final approval of Vivitrol for alcohol dependency with a launch in the first half of this year and positive impact from Pfizer's launch of Exubera, the inhaled short-acting insulin. Shares of the Cambridge, Mass., pharmaceutical company were down 37 cents, or 1.49%, at $24.40 on volume of 2,934,025 shares versus the three-month running average of 1,757,840 shares. (Nasdaq: ALKS)

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