Alkermes narcolepsy study results ‘look clearly positive,’ says Stifel

Stifel reiterates a Buy rating and $42 price target on Alkermes (ALKS) shares after the company reported top-line data for ALKS2680, or “Alixorexton,” in Narcolepsy Type-1. While this study was widely expected to succeed given prior Phase 1b data, the results “look clearly positive with many key clinical endpoints hitting statistical significance at all doses,” the analyst tells investors. On safety, the disclosure was fairly high level, but the press release specifically noted no treatment-related signals in hepatic/renal parameters, vital signs or ophthalmic exams and 95% of patients who participated in the trial entered the open-label extension, which is “always encouraging,” the analyst added.