Merrill puts Alkermes at buy

Alkermes Inc. was given a buy rating by Merrill Lynch analyst Hari Sambasivam. The company's third-quarter 2006 results were better than Merrill's expectations due primarily to lower costs in the quarter. Alkermes reported Risperdal Consta end-user sales of $170 million, total revenues of $41.4 million, total expenses of $37.9 million, pro forma net income of $1.6 million and earnings per share of 2 cents. Merrill's estimates were $165 million, $43.3 million, $44.8 million, ($4.2 million), and ($0.05). Shares of the Cambridge, Mass., pharmaceutical company were up 77 cents, or 3.41%, at $23.27 on volume of 1,693,340 shares versus the three-month running average of 1,919,400 shares. (Nasdaq: ALKS)

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