Alkermes PLC's stock surged 6.37% during Tuesday's intraday trading session following the announcement of successful late-stage clinical trial results for its investigational drug.

The biopharmaceutical company reported that its Phase 3 REVITALYZ study evaluating Lumryz (sodium oxybate) extended-release oral suspension in adults with idiopathic hypersomnia met all primary and key secondary endpoints. The rare sleep disorder causes patients to require excessive sleep, and the trial demonstrated statistically significant reductions in excessive daytime sleepiness alongside improvements in patient-reported disease severity compared to placebo.

Alkermes plans to submit a supplemental New Drug Application to the U.S. Food and Drug Administration by the end of 2026, though the company cannot market Lumryz for idiopathic hypersomnia before March 1, 2028, according to a prior settlement agreement.