Piper Sandler Reiterates Overweight Rating on Alkermes (ALKS)

Piper Sandler analyst David Amsellem reiterated an Overweight rating and $38.00 price target on Alkermes (NASDAQ: ALKS).

The analyst commented: "We caught up with Alkermes senior management as part of investor meetings that we hosted in Europe. As we move closer to results from the Phase II Vibrance-2 study in narcolepsy type 2 (NT2) for orexin 2 receptor (OX2R) agonist alixorexton sometime in November (per management expectations), we provide herein a few brief thoughts on what we believe would count as a “win” from the trial. We continue to believe that the underlying size of the treated narcolepsy (narcolepsy type 1 (NT1) and NT2 combined) and idiopathic hypersomnia (IH) populations translates into ample room for a handful of novel OX2R agonists to readily coexist. Beyond that, opportunities for the category beyond sleep/wake are very much under the broader investor radar, though we would keep in mind that visibility into these opportunities (e.g., psychiatric indications) should improve over the next 12-18 months. We reiterate our Overweight rating and $38 PT."

For an analyst ratings summary and ratings history on Alkermes click here. For more ratings news on Alkermes click here.

Shares of Alkermes closed at $31.06 yesterday.

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