Alkermes price target raised to $50 at Jefferies after ‘excellent’ NT2 data

Jefferies analyst Akash Tewari raised the firm’s price target on Alkermes to $50 from $42 and keeps a Buy rating on the shares after the company presented Narcolepsy Type 2, or NT2, and IH data for its Phase 1 OX2 candidate ALKS-2680 that the firm said “looked excellent.” The “data hit on our bull case” with only two mild and transient cases of VD/photophobia at the 25mg dose, says the firm, which also notes that the 12mg dose had similar efficacy compared to 25mg in NT2. Following this morning’s report, the firm is increasing its peak sales estimate for ‘2680 from $700M to $1B and it applies odds of success of 50%, the analyst noted.