Alkermes narcolepsy type 1 data largely as expected, says Mizuho

Mizuho views Alkermes (ALKS)’ Vibrance-1 Phase 2 study evaluating alixorexton in patients with narcolepsy type 1 as solid and largely as expected. Patients with narcolepsy type 1 on alixorexton achieved normal state with all doses on the Maintenance of Wakefulness Test and Epworth Sleepiness Scale at week six, showing statistically significant improvements in a dose-dependent manner, the analyst tells investors in a research note. As expected, only one dose was statistically significant on cataplexy, adds Mizuho. The firm believes the common adverse events were as expected. However, investors might question the viability of alixorexton in narcolepsy type 2 and idiopathic hypersomnia given the higher doses used in the Phase 2 trials, contends Mizuho. It keeps an Outperform rating on Alkermes with a $40 price target The stock in morning trading is down 6% to $28.15.