Surging 19% in One Go... Nasdaq Mid-Cap Biotech Market Cap Exceeds $2 Billion

Alkermes PLC (NASDAQ: ALKS) shares closed at $35.81 on March 31, up 18.77% from the prior day. Trading volume reached approximately 8.565 million shares, and the company’s market capitalization swelled to about $5.97 billion (roughly KRW 8 trillion)—an increase of approximately $1.38 billion (KRW 1.9 trillion) in a single session.

Recently, Piper Sandler trimmed its price target on Alkermes slightly to $43 from $45 while maintaining an overweight rating. Truist also reaffirmed its buy recommendation, citing encouraging clinical data and growth prospects for 2026. In the first quarter, Alkermes completed its acquisition of Avadel Pharmaceuticals to strengthen its sleep-disorder franchise. The deal, worth up to $2.1 billion (about KRW 2.8 trillion), marks a strategic expansion beyond its traditional central-nervous-system pipeline.

Headquartered in Ireland, Alkermes is a biopharmaceutical company specializing in treatments for psychiatric and neurological disorders, including therapies for alcohol and opioid use disorders. More recently, it has shifted focus toward sleep medicine, advancing its narcolepsy drug candidate, Alixorectone, into global Phase 3 development.