BioCentury
ARTICLE | Financial News

Alkermes hits high following IL-2 deal

February 17, 2018 12:08 AM UTC

Alkermes plc (NASDAQ:ALKS) hit a 52-week high of $71.22 on Friday on the heels of Wednesday's multibillion dollar deal between Nektar Therapeutics (NASDAQ:NKTR) and Bristol-Myers Squibb Co. (NYSE:BMY) involving NKTR-214. A note from Jefferies analyst Biren Amin suggested that Alkermes and its solid tumor candidate ALKS 4230 may be benefiting from increased focus on Nektar and NKTR-214, because both candidates target IL-2 receptors.

Alkermes has gained nearly $2 billion in market cap since its close on Tuesday, before it released its 4Q17 earnings report. The company closed up $3.51 to $67.26 on Friday to end the week with a market cap of $10.5 billion...