Nasdaq Biotech Soars 9% on New Sleep Disorder Drug News

Shares of U.S. biotech company Alkermes plc (NASDAQ: ALKS) closed at $38.80 on May 12, up 9.39% on the Nasdaq. This gain added roughly $647 million to its market capitalization, bringing it to $6.47 billion (about KRW 8.7 trillion). Trading volume rose to 3.11 million shares, and the company’s value increased by approximately $670 million (around KRW 900 billion) in a single day.

On that day, Alkermes announced positive topline results from the Phase 3 REVITALYZ trial of its extended-release LUMRYZ formulation in adults with idiopathic hypersomnia, underscoring the strength of its sleep-disorder portfolio. In its subsequent first-quarter earnings report, the company provided 2026 revenue guidance to highlight its growth trajectory. Moreover, its planned acquisition of Avadel Pharmaceuticals—agreed upon last year—has entered its final stage, further reinforcing Alkermes’s leadership in sleep medicine. (alkermes.com)

Headquartered in Dublin, Ireland, Alkermes is a biopharmaceutical firm focused on neuropsychiatric and neurological disorders. Alongside treatments for depression and schizophrenia, it is developing therapies for sleep disorders such as narcolepsy and idiopathic hypersomnia. The company has positioned its orexin-2 receptor agonist alixorexantone and LUMRYZ as core pipeline assets, intensifying its push into the rare sleep-disorder market. (en.wikipedia.org)