Mizuho expects ‘promising’ early data from Alkermes at World Sleep

Mizuho analyst Uy Ear says Alkermes will present first-time data for its “high-profile early-stage” orexin 2 agonist, ALKS 2680, at the World Sleep conference in October. The most important data for investors will likely be the efficacy and safety results from Phase 1b in actual narcolepsy type 1 patients, the analyst tells investors in a research note. The firm expects to see “promising” clinical results that should advance ALKS 2680 into Phase 2. However, it cautions that these are very early data and the trial design, very small sample size, and single drug exposure may make the Phase 1b data difficult to benchmark against other OX2R agonists. Mizuho keeps a Buy rating on Alkermes with a $40 price target and reiterates the stock as a top pick.