Alkermes takes lead in orexin-2 space, says H.C. Wainwright

H.C. Wainwright keeps a Neutral rating on Alkermes with a $34 price target after the company announced preliminary results, including initial data, from a Phase 1 study for ALKS-2680, its novel orexin-2 receptor agonist in development for the treatment of narcolepsy. While early, ALKS-2680 offered a “robust signal as Alkermes takes the lead in the orexin-2 space,” the analyst tells investors in a research note. The firm says ALKS-2680’s initial data suggests efficacy comparable, perhaps a bit better, to what Takeda’s TAK-944 delivered in a Phase 2 before the trial was halted after patients showed signs of hepatotoxicity.