Truist 恢复覆盖 Alkermes 予买入、目标价55美元，看好 orexin 候选药 alixorexton

Truist Securities on Friday reinstated its coverage of Alkermes ( ALKS ) with a Buy recommendation and a $55 per share target, citing the potential of its lead orexin development candidate, alixorexton, against narcolepsy, a sleeping disorder. Analyst Alex Nackenoff argued that alixorexton has already shown a superior clinical profile against narcolepsy type 1, and its existing data is sufficiently strong in narcolepsy type 2 compared with oxybates. However, according to Nackenoff, its proof-of-concept data expected from a Phase 2 trial for another neurological sleep disorder known as idiopathic hypersomnia represents the key near-term catalyst for the stock. “The readout expected toward the end of 2026 presents an attractive risk/reward opportunity; we believe positive data could translate to potentially +20% on the upside with minimal downside risk if negative,” he added. While Takeda ( TAK ) is set to launch the first OX2R product branded as Orzeyful later this year, its opportunity is limited to NT1, according to Nackenoff. "Alixorexton has already demonstrated better efficacy vs. Orzeyful in NT1, and we feel the data is sufficiently strong in NT2 to deliver significant clinical benefit over oxybates,” the analyst added.