Alkermes price target raised to $48 from $43 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Alkermes to $48 from $43 and keeps an Overweight rating on the shares ahead of the SLEEP 2024 conference in Houston in June. ALKS 2680 is being evaluated in the recently initiated Phase 2 Vibrance-1 trial in narcolepsy type 1, with a planned Vibrance-2 study in narcolepsy type 2, the analyst tells investors, adding that the primary endpoint is the change in Maintenance of Wakefulness Test at Week 6. The firm sees ALKS 2680 as having potential to demonstrate a best-in-class profile.