Jefferies says stage set for Centessa to differentiate in narcolepsy

Jefferies notes that Centessa (CNTA) shares rose 18% in reaction to competitors Takeda (TAK) and Alkermes’ (ALKS) narcolepsy data reported at World Sleep as data from both further de-risk the orexin class. The firm thinks Takeda’s efficacy and Alkermes’ visual disturbance rate and fasting requirement “set the stage” and leave “meaningful room” for Centessa to differentiate on efficacy, safety, and convenience with its Phase 2 readout due in the second half. The firm has a Buy rating and $27 price target on Centessa shares.