Centessa narcolepsy data not superior to Alkermes, says Stifel

Stifel expects shares of Alkermes (ALKS) to move higher on the narcolepsy type 1 data reported by Centessa (CNTA). The initial clinical disclosure from Centessa’s orexin program does not look superior to Alkermes’ ALKS2680, the analyst tells investors in a research note. Stifel says Alkermes shares were pricing in some fear that Centessa could have a much superior profile. The firm believes orexins could be a “significant blockbuster class” with room for many players. It keeps a Buy rating on Alkermes. The stock in morning trading is up 10%, or $2.90, to $33.29.