ALKS News & Events

The major averages closed lower after the Federal Reserve, now under new chair Kevin Warsh, voted 12-0 to keep the target range for the federal funds rate unchanged at 3.5%-3.75%. Of note, in the committee's quarterly summary of economic projections, half of the respondents indicated they expect at least one rate hike this year, with some committee members projecting two or three. In a dramatically shorter post-meeting statement, the Fed said that inflation remains elevated, but committed that the committee will "deliver price stability."In the opening hours of the evening session, markets are recovering lost ground fromthe Fed's perceived hawkish tilt.  S&P e-minis are up 0.7%, and Nasdaq 100 futures are up 1.2%.  Also helping sentiment was the statement from President Trump that the peace deal with Iran has been signed,  In commodities, WTI Crude Oil is trending lower toward $75 per barrel.  After lurching lower on broad dollar strength driven by sharply higher short term rates, gold and silver are finding support.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Rumble Inc.up 18% after expansion into AI businessAXT, Inc.up 3.7% after  subsidiary Tongmei enters supply agreement with CaselaAlkermes plcup 2.1% after positive results from Phase 2 study of AlixorextonNucor Corporationup 0.4% after Q2 pre-announcementLOWER -Steel Dynamicsdown 2.6% after Q2 pre-announcement

Alkermes announced "detailed positive results" from the Vibrance-2 phase 2 dose-ranging study evaluating alixorexton in patients with narcolepsy type 2. Topline results from the Vibrance-2 study were previously announced in November 2025. Once-daily alixorexton met the study's dual primary endpoints, demonstrating statistically significant and clinically meaningful improvements from baseline compared to placebo on the Maintenance of Wakefulness Test and Epworth Sleepiness Scale at week eight in adults with NT2. Patient-reported improvements in wakefulness were sustained through the five-week open-label extension period. Alixorexton also demonstrated clinically meaningful improvements across exploratory patient-reported outcomes evaluating fatigue and cognition. Alixorexton was generally well tolerated at all doses tested, including 10 mg, 14 mg and 18 mg. Based on the positive results demonstrated by alixorexton in the phase 2 Vibrance Studies, Alkermes has initiated a global phase 3 program evaluating once-daily and split dose regimens of alixorexton in patients with NT1 and NT2. "People living with narcolepsy type 2 frequently experience a lengthy and challenging diagnostic journey, and many continue to live with significant symptom burden following diagnosis. The Vibrance-2 dataset reinforces our belief that alixorexton has the potential to deliver clinically meaningful benefits across key symptoms. Alkermes is committed to researching potential new medicines with the goal of advancing care for people living with central disorders of hypersomnolence," said Craig Hopkinson, M.D., Chief Medical Officer and Executive Vice President, Research & Development at Alkermes.

Alkermes announced that alixorexton, a novel, investigational, oral, selective orexin 2 receptor agonist in development for the treatment of narcolepsy type 1, narcolepsy type 2 and idiopathic hypersomnia, was recently granted orphan drug designations, ODD, from leading regulatory bodies in the U.S. and Europe. The U.S. Food and Drug Administration, FDA, has granted ODD to alixorexton for the treatment of IH, and the European Commission has granted ODD to alixorexton for the treatment of narcolepsy.