On June 25, Alkermes rose 6.97% in regular trading, trading at $51.395/share, with turnover of $82.54 million. The rally was driven by the company's announcement that its Phase 2 Vibrance-2 trial of alixorexton for narcolepsy type 2 met dual primary endpoints, and the simultaneous initiation of a Phase 3 clinical trial.

The study enrolled 93 adults with narcolepsy type 2 and demonstrated statistically significant improvements in mean sleep latency and excessive daytime sleepiness at week eight. Improvements in wakefulness were sustained through the five-week treatment period, with clinically meaningful gains in fatigue and cognition measures. The drug was generally well tolerated with no serious treatment-emergent adverse events recorded. Insomnia and urinary frequency were the most common side effects.

This trial represents one of the first large-scale studies confirming orexin receptor agonist efficacy in type 2 narcolepsy patients, who lack the deep orexin deficiency seen in type 1. Alkermes is also exploring broader indications including idiopathic hypersomnia and ADHD, suggesting a potentially expanded addressable market for the orexin-based platform.

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