Alkermes (ALKS): Price cycles in bullish 'pennant' consolidation pattern

Filed under: Good news, Johnson and Johnson (JNJ), Bristol-Myers Squibb (BMY), Technical Analysis, Stocks to Buy

Alkermes (NASDAQ: ALKS) is a biotechnology company that makes extended-release products for the treatment of chronic diseases. The firm developed and manufactures Vivitrol, a treatment for alcohol dependence that partner Cephalon (NASDAQ: CEPH) markets in the United States. It also makes Risperdal Consta, a long-acting version of Janssen's schizophrenia medication Risperdal. Alkermes' pipeline includes extended-release injectable, pulmonary and oral products for the treatment of central nervous system disorders, addiction and diabetes. Bristol-Myers Squibb (NYSE: BMY) and Johnson & Johnson (NYSE: JNJ) are competitors.

The firm pleased investors earlier in the week, when it expanded its stock repurchase program by $40 million. Management also guided FY09 EPS to 11-16 cents and FY09 revenues to $200-$225 million. Analysts had been looking for a 10 cent per share loss and $194.89 million. Fiscal year cash flow from operations was expected to total $25-$30 million, as compared to an original $1-$5 million estimate.

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