Alkermes Inc. plc (NASDAQ:ALKS) stock is trading higher on Tuesday following the announcement of positive topline results from the REVITALYZ phase 3 study evaluating LUMRYZ extended-release oral suspension for excessive daytime sleepiness associated with idiopathic hypersomnia.



The stock’s movement comes as the Healthcare sector is currently the best-performing sector, gaining 2.43%, while the broader market is mixed, with the S&amp;P 500 down 0.7%.



<h2>Study Meets Primary And Secondary Endpoints</h2>



The REVITALYZ study demonstrated that LUMRYZ met all primary and key secondary endpoints, showing statistically significant improvements compared to placebo in excessive daytime sleepiness and patient-reported disease severity.



Alkermes plans to file a supplemental New Drug Application with the FDA by the end of 2026 based on these positive results.



The FDA approves LUMRYZ for excessive daytime sleepiness or cataplexy in patients 7 years of age and older with narcolepsy.



LUMRYZ is not currently approved for idiopathic hypersomnia.



Pursuant to the terms of a previously disclosed settlement and license agreement, Alkermes may not market, offer for sale, take orders for, distribute, promote, or provide patient support services with respect to LUMRYZ for idiopathic hypersomnia before March 1, 2028, even if the FDA approves before that date.



<h2>ALKS Technical Analysis: Momentum And Key Support Levels</h2>



Alkermes has shown a strong upward momentum, currently trading at $37.28, which is 9.1% above its 20-day simple moving average (SMA) of $34.22. The moving average convergence divergence (MACD) is above its signal line, indicating that downside pressure is easing and momentum is improving relative to the prior downswing.



<ul>
<li>Key Resistance: $36.60 — This level marks the recent 52-week high, suggesting it could act as a barrier for further upward movement.</li>



<li>Key Support: $33.00 — a nearby level where buyers previously stepped in, indicating potential buying interest.</li>
</ul>



Analyst Consensus &amp; Recent Actions: The stock carries a Buy rating with an average price target of $45.67. Recent analyst moves include:



<ul>
<li>UBS: Buy (Raises Target to $48.00) (May 6)</li>



<li>Wells Fargo: Overweight (Raises Target to $44.00) (May 6)</li>



<li>Needham: Buy (Raises Target to $50.00) (May 6)</li>
</ul>



ALKS Price Action: Alkermes shares were up 6.68% at $37.84 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.



Photo: Shutterstock

ALKS

LABU

Alkermes Inc. shares rose after positive phase 3 results for LUMRYZ in treating excessive daytime sleepiness linked to idiopathic hypersomnia. The study met all primary and secondary endpoints, prompting analysts to raise price targets, with an average target of $45.67. The stock is currently trading at $37.84, marking a 6.68% increase and a new 52-week high. Alkermes plans to file a supplemental New Drug Application with the FDA by the end of 2026, although marketing for idiopathic hypersomnia is restricted until March 2028 due to a prior settlement.

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Alkermes Gains Momentum After Sleep Disorder Trial Clears Key Hurdles