Alkermes initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Alkermes (ALKS) with an Overweight rating and $44 price target. The firm contends that alixorexton will work in narcolepsy and that near-term catalysts will unlock value in NT2, narcolepsy type 2, and IH, idiopathic hypersomnia, the analyst tells investors in a research note. NT2 data this fall are key, as success here could give investors a solid anchor to a potentially large market with less competition from Takeda (TAK), Wells Fargo stated.