Alkermes' Sleeping Disorder Studies' Data Look Excellent, Analyst Says
Portfolio Pulse from Vandana Singh
Alkermes plc (NASDAQ:ALKS) announced positive results from a phase 1b study of ALKS 2680 for narcolepsy, showing significant improvements in sleep latency compared to placebo. The company plans to initiate a phase 2 study in the second half of 2024. Following the news, Jefferies increased the price target for ALKS from $42 to $50 and raised the probability of success for ALKS-2680 to 50%, with peak sales expected to reach $1 billion. ALKS shares rose 3.43% to $26.82.
April 09, 2024 | 6:23 pm
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POSITIVE IMPACT
Alkermes plc announced promising phase 1b study results for ALKS 2680, leading to a price target increase by Jefferies from $42 to $50 and a share price rise of 3.43% to $26.82.
The positive study results for ALKS 2680 in treating narcolepsy are a significant development for Alkermes, indicating potential for future revenue growth. The increase in price target by Jefferies reflects a higher confidence in the drug's market potential, which is likely to positively influence investor sentiment and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100