Alkermes NT2 effect magnitude below ‘bullish expectations,’ says H.C. Wainwright

After Alkermes (ALKS) reported topline data from the Vibrance-2 Phase 2 study of alixorexton in Narcolepsy Type 2, H.C. Wainwright analyst Douglas Tsao believes these data are “intriguing,” but also says the magnitude of treatment effect shows “less differentiation than bullish expectations.” The firm, which believes the treatment effect, which could be optimized with dosing, appears superior to products already on market, argues that the magnitude of difference is “more modest in this study than what some investors hoped to see” and maintains a Neutral rating and $46 price target on Alkermes shares.