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.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALKS:
- Alkermes: Hold Rating Amid Mixed Trial Results and Uncertain Market Position
- Morgan Stanley sees Centessa’s ORX750 as ‘best-in-class’ after competitor data
- Midday Fly By: AMD sees acceleration, IBM unveils quantum processor
- Alkermes NT2 effect magnitude below ‘bullish expectations,’ says H.C. Wainwright
- Alkermes’ Strong Position and Misinterpreted Data: Justifying a Buy Rating