Alkermes Candidate Disappoints - Analyst Blog
July 12 2011 - 1:00PM
Zacks
Recently, Alkermes
Inc. (ALKS) presented disappointing top line data from a
mid-stage study (n=68) of its pipeline candidate ALKS 33 for
treating patients suffering from binge eating disorder.
The randomized, double-blind,
placebo-controlled study evaluated the safety and efficacy of ALKS
33, administered orally on a daily basis, versus placebo.
Results from the 12-week study
revealed ALKS 33 was not more effective than placebo in reducing
weekly episodes of binge eating. The disappointing results prompted
Alkermes to decide against developing ALKS 33 further for the
indication. Binge eating disorder is a very common eating disorder
in the US and often leads to obesity in the affected
individuals.
Even though Alkermes has not
reached success with ALKS 33 for the indication, it continues to
evaluate ALKS 33 for other indications. The candidate is being
evaluated for alcohol dependence. Moreover, Alkermes is studying
ALKS 33 in combination with buprenorphine (as ALKS 5461) for
treating patients suffering from cocaine addiction and
treatment-resistant depression.
Apart from ALKS 33, Alkermes has
other candidates in its pipeline such as ALKS 37 for opioid-induced
constipation, ALKS 6931 for treating rheumatoid arthritis, ALKS 36
for the treatment of pain without the side-effects of constipation,
ALKS 9070 and ALKS 7921 for treating schizophrenia.
However, we believe that investor
focus will remain on the fate of diabetes drug, Bydureon, in the US
rather than on development of the other pipeline candidates at
Alkermes. It has co-developed Bydureon, which was approved in the
European Union in June 2011, with Amylin
Pharmaceuticals (AMLN) and Eli Lilly and
Company (LLY).
Our
Recommendation
Currently we have a ‘Neutral’
long-term recommendation for Alkermes. The company carries a Zacks
#3 Rank (‘Hold’ rating) in the short run.
ALKERMES INC (ALKS): Free Stock Analysis Report
AMYLIN PHARMA (AMLN): Free Stock Analysis Report
LILLY ELI & CO (LLY): Free Stock Analysis Report
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