New York, February 2 (FinanceEnquiry.com) - Analyst Steven Silver of S&P Capital IQ reiterates his BUY rating on the shares of Alkermes (NASDAQ: ALKS), while raising his estimates for the company. The target price is set to $23.

In a research note published this morning, the analyst mentions that the company reported its Q4 EPS significantly ahead of the estimates on higher-than-expected revenues. Alkermes’ revenues grew 185% on contribution from recently acquired Elan Drug Technologies royalties, the analyst says. The adjusted EBITDA growth is encouraging, given the rapidly advancing internal pipeline; and by prospects for cost-free royalties from newly approved Bydureon for type 2 diabetes,the analyst says. The EPS estimate for FY12 has been raised from $0.08 to $0.21.