H.C. Wainwright views Alkermes (ALKS)’ Phase 2 data for alixorexton in patients with narcolepsy type 1 as “strong” and encouraging. The firm, while recognizing the limitation of only getting p-values on key endpoints, says the study marks an “important milestone” for Alkermes. The data represent the first time an orexin-2 receptor agonist has demonstrated efficacy in improving symptoms such as fatigue and cognition, the analyst tells investors in a research note. Wainwright keeps a Neutral rating on the shares with a $46 price target Alkermes in midday trading is down 10%, or $2.85, to $26.37.
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