Evercore ISI said the firm disagrees with the Street reaction on Alkermes (ALKS), adding that the “Street has had a confused reaction to all the new data out of Alkermes and Centessa (CNTA) recently.” While the Street thinks the company missed the 20 minute MWT within the arm or greater than 10 minute MWT bar versus placebo, the firm contends “they didn’t” and added that Alkermes avoided the “disaster scenario” of failing in narcolepsy type 2 like Takeda’s (TAK) TAK-861. The firm, which thinks the Street is “grossly underestimating the clinician interest in this category for narcolepsy,” has an Outperform rating on Alkermes shares, which are down $3.34, or 10% to $30.47 in morning trading.
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