TD Cowen Asserts Buy Rating as Alkermes plc (ALKS) Delivers Topline Results for Narcolepsy Treatment

Alkermes Plc (NASDAQ:ALKS) is one of the best breakout stocks to invest in. On November 12, Alkermes Plc (NASDAQ:ALKS) delivered positive topline clinical trial data for its narcolepsy treatment, Alixorexton. Consequently, analysts at TD Cowen reiterated a Buy rating on the stock with a $40 price target.

TD Cowen Asserts Buy Rating as Alkermes plc (ALKS) Delivers Topline Results for Narcolepsy Treatment

Photo by Myriam Zilles on Unsplash

Alixorexton, formerly ALKS 2680, is the company’s candidate treatment in phase 2 development for the treatment of narcolepsy type 1 (NT1), NT2, and idiopathic hypersomnia (IH).  The trial results show that 95% of patients completed the 8-week double-masked period, affirming a tolerable safety profile. The drug also met its dual primary endpoints, affirming clinically meaningful improvements from baseline compared to placebo.

“Alixorexton is the first and only oral orexin 2 receptor agonist to demonstrate efficacy in large randomized, double-blind, multi-week phase 2 studies across a range of once-daily doses in patients with narcolepsy type 1 and type 2. We are proud to lead the way in translating innovative science into a potential new treatment option for patients and look forward to moving alixorexton into phase 3 development as quickly as possible,” said Craig Hopkinson, M.D., Chief Medical Officer and Executive Vice President of Research & Development at Alkermes.

Following the topline results, Alkermes plans to conduct a phase 3 program in the first quarter of next year.

Alkermes plc (NASDAQ:ALKS) is a global biopharmaceutical company that develops and commercializes medicines for central nervous system disorders, such as schizophrenia, bipolar I disorder, alcohol dependence, and opioid dependence. It applies its scientific and proprietary technologies to create a portfolio of commercial products and has a pipeline of investigational drugs for neurological and psychiatric conditions.

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Disclosure: None. This article is originally published at Insider Monkey.