Long Position on ALKS @ $46.00 on 4/18/2018 (Momentum)

Alkermes plc (ALKS) is an Irish biopharmaceutical company.

The company researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally.

The company's marketed products include ARISTADA (aripiprazole lauroxil), an extended-release intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL (naltrexone for extended-release injectable suspension) for the treatment of alcohol and opioid dependence; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA for treating schizophrenia; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; AMPYRA (dalfampridine)/FAMPYRA (fampridine) to enhance walking in adults with multiple sclerosis (MS) who have walking disability; and BYDUREON (exenatide extended-release for injectable suspension) and BYDUREON BCise for the treatment of type 2 diabetes.

It is also developing Aripiprazole Lauroxil NanoCrystal Dispersion; ALKS 5461 for the treatment of depressive disorder; ALKS 3831 to treat schizophrenia; BIIB098, a monomethyl fumarate, which is in Phase III clinical trials to treat relapsing forms of MS; and ALKS 4230, an engineered fusion protein that is in Phase I clinical trials for cancer immunotherapy.

Shares sold off sharply on April 2, 2018 after FDA refused to accept the company's ALKS 5461 NDA. On April 16, FDA reversed itself and announced that it has accepted the Company's  ALKS 5461 NDA. FDA’s target action date for the ALKS 5461 is Jan. 31, 2019. We expect shares to head higher from their present level and reach the levels it was trading in late March. The chart has formed a "rounding bottom" pattern. Higher share prices are expected for this stock.

Please read our blog about this company here.

52-Weeks Trading Range: $41.15 - $71.22

Entry Point: $46.00

Stop Loss: $43.70

Target Price: $50.60

Updates

6/6/2018 10:31:10 AM

ALKS closed at $49.00

Position closed on 6/6/2018 at price of $49.00 with a 6.52% gain in 49 days.

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