S&P MAINTAINS BUY OPINION ON SHARES OF ALKERMES INC (Standard & Poor's) FDA issues complete response letter on weekly-dosed Bydureon for Type 2 diabetes, requesting a QT heart rate study, among other requests. We are surprised by ruling, as FDA asked for no new studies at previous March '10 review. We see FDA action delaying approval of Bydureon, for which ALKS would garner 8% royalty, until at least mid-'12. However, we remain positive on recent Vivitrol opioid dependence approval and ALKS's advancing pipeline. We widen our FY 11 (Mar) loss est $0.08 to $0.56 loss and '12's by $0.62 to $0.42 loss. We cut our NPV-based target price by $4 to $15.