Deutsche Bank analyst David Hoang lowered the firm’s price target on Alkermes (ALKS) to $45 from $55 and keeps a Buy rating on the shares. The company announced positive topline data from its Phase 2 VIBRANCE-2 trial of alixorexton in narcolepsy type 2, but results came in below the high expectations needed for the drug to be a “clear best-in-class therapy,” the analyst tells investors in a research note. The firm believes the shares dropped yesterday on a perceived less competitive commercial profile for alixorexton versus peers.
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