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Upgrade Alert for Alkermes (ALKS)

By Shiri Gupta

Alkermes (NASDAQ:ALKS) was upgraded from Market Perform to Outperform at Cowen and Company today. The stock closed yesterday at $51.01 on volume of 822,000 shares, below average daily volume of 1.4 million.

Over the past year, Alkermes has traded in a range of $27.14 to $80.71 and closed yesterday at $51.01, 88% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has slid 1.1%.

Alkermes has overhead space with shares priced $51.01, or 33.6% below the average consensus analyst price target of $76.88. Alkermes shares should encounter resistance at the 200-day moving average (MA) of $55.90 and support at the 50-day MA of $35.82.

Alkermes, Inc. develops products based on drug delivery technologies. The Company is focusing on controlled, sustained release of injectable drugs, as well as the delivery of drugs into the brain past the blood-brain barrier. Alkermes is also focusing on the oral delivery of drugs, and the development of pharmaceutical products based on pulmonary drug delivery technologies.

SmarTrend recommended that subscribers consider buying shares of Alkermes on April 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.32. Since that recommendation, shares of Alkermes have risen 34.3%. We continue to monitor ALKS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Alkermes

Ticker(s): ALKS