5 Stocks Dominating Today’s Market Surge

4. Alkermes PLC (NASDAQ:ALKS)

Alkermes extended gains for a second day on Tuesday to nearly hit its 52-week high, as investors digested the growing interest in the orexin receptor agonist market following a pharmaceutical giant’s official foray into the sector.

Weight loss drugmaker Eli Lilly and Company announced on the same day that it entered into a definitive agreement to acquire Centessa Pharmaceuticals—a clinical-stage company currently developing a pipeline of orexin receptor 2—for $6.3 billion.

The positive sentiment spilled over to Alkermes PLC (NASDAQ:ALKS), as Eli Lilly’s acquisition suggested a strong demand for the market.

Alkermes PLC (NASDAQ:ALKS) is likewise developing its own orexin 2 receptor agonists for other neurological disorders, including ADHD and fatigue associated with multiple sclerosis and Parkinson’s disease.

On the same day, its stock surged to a day high of $36.22, or just 10 cents shy of its 52-week high of $36.32, before paring gains to end the session just up by 17.28 percent at $35.36 apiece.

Last year, Alkermes PLC (NASDAQ:ALKS) saw its net income decline by 34 percent to $241.7 million from $367.1 million in 2024, while revenues dropped by 5 percent to $1.47 billion from $1.5 billion.

In the fourth quarter alone, net profit fell by 66 percent to $49.3 million from $146.5 million, while revenues decreased by 10.6 percent to $384.5 million from $430 million.