Closing ALKS (Alkermes) outperform
Alkermes may still be a good long-term story but I was surprised that the market didn't punish the stock more for the loss of the AIR insulin program. In the short-term, the stock price will now be more dependent on Risperdal Consta revenues which were down quarter to quarter last statement, ascribed to "lumpiness" in the distribution stream. ALKS 27 and ALKS 29 seem to be moving through the pipeline slower than I would like and their progress is infrequently referred to. Exenatide LAR similarly seems to be somewhat of a wild card. I'll lock in a positive score here and look for another potential buy in below 10 on the typical small-cap biotech drift.