Jefferies Cuts Opinion on Alkermes

Analyst David Windley cites the FDA's delay in reviewing the company's Vivitrex compound

Jefferies cut its opinion on Alkermes(ALKS ) to hold from buy.

Analyst David Windley said the Food and Drug Administration extended its deadline for completing the review of Vivitrex NDA by three months, classifying its recent response from Alkermes as a major amendment and thus requiring a longer review period. The analyst says that since the press release does not elaborate on a specific response that led the Food and Drug Administration to classify it as a major amendment, there's low visibility around the timing of the medical treatment's eventual approval and product launch. The analyst had raised his target to $18 in August to reflect the Vivitrex co-promotion deal.

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