Jefferies raised the firm’s price target on Alkermes (ALKS) to $54 from $50 and keeps a Buy rating on the shares after the company released topline Phase 2 data for alixorexton in narcolepsy type 1. The firm, which continues to be positive on the class, is increasing its view of the odds of success in NT1 patients to 90% from 80% and its adjusted peak sales estimate for ALKS-2680 across narcolepsy types 1 and 2 and idiopathic hypersomnia to $1.6B from $1.5B.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALKS:
- Alkermes narcolepsy trial results ‘encouraging’ for Centessa, says Leerink
- Alkermes data has limitations, but ‘strong,’ says H.C. Wainwright
- Verizon reports Q2 beat, Block to join S&P 500: Morning Buzz
- Alkermes Hold Rating: Balancing Promising NT1 Study Results with Competitive and Valuation Challenges
- Alkermes narcolepsy study results ‘look clearly positive,’ says Stifel