Jul. 2 at 10:53 AM
Mizuho⬆️
$ALKS's PT to
$65, reiterated Outperform and said - ALKS has traded up ~51% (vs. 17.2% XBI) since the company reported 1Q26 earnings.
CNTA -
$LLY $JAZZ AXSM HRMY TAK
Mizuho added—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 increase 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.
