Actelion Ltd., /quotes/comstock/11i!aliof (ALIOF 55.70, -0.45, -0.80%) the Allschwil, Switzerland, biopharmaceutical producer, reported on almorexant, in Phase III trials to treat insomnia. In the first Phase III study, conducted over two weeks, the drug met its primary endpoint; almorexant "demonstrated clinically meaningful effects on both sleep induction and sleep maintenance for patients suffering from primary insomnia," said Jed Black, vice president of sleep development at Actelion. The drug was well tolerated but "certain safety observations were made that will require further evaluation and assessment in longer-term Phase III studies," Actelion said.
Alcoa /quotes/comstock/13*!aa/quotes/nls/aa (AA 14.58, +0.08, +0.55%) was upped to overweight from equal-weight by Morgan Stanley, which introduced a $22 price target.
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