Alkermes (NASDAQ: NASDAQ:) has maintained its Outperform rating and $35.00 price target, as per Mizuho's latest analysis. The firm's commentary focused on recent data from a Phase 1 Single Ascending Dose (SAD) trial conducted by Centessa for ORX750.
The trial, which involved acutely sleep-deprived, healthy volunteers at doses of 1 and 2.5 mg, showed promising results in terms of efficacy and safety. However, the findings are preliminary and further trials with patients suffering from specific sleep disorders like narcolepsy types 1 and 2 (NT1, NT2) and idiopathic hypersomnia (IH) are needed to fully evaluate ORX750's potential.
Comparisons were made with Alkermes' ALKS-2680, which demonstrated positive results in healthy volunteers but adverse events in NT1 patients at certain doses. The safety profiles of both drugs are being closely monitored in the competitive landscape of sleep disorder treatments.
Despite the challenges, Mizuho's reiteration of the Outperform rating and price target for Alkermes reflects a positive outlook on the company's future. Recent financial results have also been strong, with total revenue reaching $399 million in the second quarter of 2024.
Analysts from Baird and H.C. Wainwright have raised their share targets for Alkermes, signaling confidence in the company's performance. Additionally, Alkermes has initiated the Vibrance-2 phase 2 clinical trial for ALKS 2680 in adults with narcolepsy type 2, addressing unmet medical needs in the patient community.
Overall, Alkermes' progress in the field of neuroscience and its strong financial performance indicate a promising future for investors and patients alike.
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