In a report released today, Ami Fadia from Needham maintained a Buy rating on Alkermes, with a price target of $44.00.
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Ami Fadia has given his Buy rating due to a combination of factors related to Alkermes’ recent data disclosure and future prospects. The company reported statistically significant results for its drug alixorexton in NT2 patients, particularly at the 18 mg dose, which showed improvement on both primary endpoints. This positive outcome from the VIBRANCE-2 study supports Alkermes’ progression into pivotal trials for narcolepsy, indicating a promising future for the drug’s development.
Additionally, the safety profile of alixorexton appears favorable, with no treatment-related clinically meaningful changes observed. The upcoming investor call is expected to provide further insights into the efficacy and safety data, as well as strategic decisions regarding dose selection for future trials. These developments are anticipated to positively influence Alkermes’ stock performance, justifying the Buy rating.
In another report released yesterday, Truist Financial also initiated coverage with a Buy rating on the stock with a $50.00 price target.