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.

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.