Alkermes (ALKS.O) Receives Buy Ratings Amid Promising ALKS-2680 Efficacy in Narcolepsy Type 1 Treatm

Key Points

• Analyst Uy Ear of Mizuho Securities maintains a Buy rating on Alkermes (ALKS) with a $35.00 price target, citing the efficacy of ALKS-2680 in Phase 1b trials.
• ALKS-2680 demonstrated significant improvement in Maintenance of Wakefulness Test (MWT) scores and offers a once-daily dosing advantage over competitor drugs.
• Jefferies also assigned a Buy rating to Alkermes stock with a $50.00 price target, indicating strong positive sentiment from multiple analysts.

In this news

Alkermes Inc. (ALKS) has received a significant boost in market confidence following the promising efficacy results of its drug candidate ALKS-2680 in treating narcolepsy type 1. Analyst Uy Ear of Mizuho Securities has maintained a Buy rating on Alkermes with a price target of $35.00. This rating is underpinned by the drug's impressive performance in Phase 1b trials, which demonstrated a substantial improvement in Maintenance of Wakefulness Test (MWT) scores compared to a placebo. Furthermore, ALKS-2680 offers the advantage of once-daily dosing, setting it apart from competitor drugs.

Uy Ear, a 3-star analyst specializing in the Healthcare sector, highlighted the competitive edge ALKS-2680 holds in the narcolepsy type 1 treatment market. The drug showed considerable placebo-corrected improvement in MWT scores across various doses, positioning it as a serious contender. Uy Ear's track record includes an average return of 4.3% and a 37.75% success rate, lending credibility to his positive outlook on Alkermes.

In addition to Uy Ear's endorsement, Jefferies has also assigned a Buy rating to Alkermes stock, with an even higher price target of $50.00. This further underscores the positive sentiment among analysts regarding the company's future prospects. As Alkermes continues to advance ALKS-2680 through clinical trials, the company stands poised to make a significant impact in the narcolepsy treatment landscape, potentially driving substantial growth in its stock value.