Mizuho analyst Vamil Divan raised the price target on Alkermes (NASDAQ: ALKS) to $65.00 (from $53.00) while maintaining a Outperform rating.

The analyst comments "ALKS has traded up ~51% (vs. 17.2% XBI) since the company reported 1Q26 earnings. We believe the appreciation was primarily due to: (1) increasing investor enthusiasm following Lilly's bullish commentary on the broader potential of the orexin 2 receptor agonist space beyond sleep disorders, (2) investors believing ALKS emerges as a strategic target post Lilly/Centessa merger, (3) the full data from the Phase 2 Vibrance-2 trial in narcolepsy type 2 (NT2) -- including cognition and fatigue -- at June SLEEP, and (4) growing investor appreciation for Alkermes' potential first-mover advantage in NT2. We update our model and increasing our price target from $53 to $65, as we incorporate higher market share for alixorexton in NT2 , due to its potential first-mover position, and add $3/share for ALKS-7290, which we see as a promising asset in the sizable ADHD market. Reiterate Outperform."