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Omar Rafat

Senior Managing Director and Senior Analyst at Evercore ISI

Umer Raffat is a Senior Managing Director and Senior Analyst at Evercore ISI, specializing in large-cap biotechnology, major pharmaceuticals, and specialty pharmaceuticals. He covers high-profile companies including Amgen, Gilead Sciences, Alkermes, Rapt Therapeutics, and Apellis Pharmaceuticals, with his stock recommendations resulting in a documented success rate ranging from approximately 39% to 56%, and historical average returns between -10.7% and -4.2% according to platforms like TipRanks and StockAnalysis. Having begun his career at Deutsche Bank under the mentorship of Dr. Mark Schoenebaum in 2010, he transitioned with Schoenebaum to Evercore ISI where he quickly rose to prominence, earning a record 22 No. 1 Institutional Investor rankings and induction into the II Research Team Hall of Fame by 2020. Raffat holds a biology degree from the University of Texas at Arlington, a master's degree from the Harvard School of Public Health, and is licensed through FINRA as an equity research analyst.

Omar Rafat's questions to Alkermes (ALKS) leadership

Question · Q3 2025

Omar Rafat asked about the expected MWT benefit in the NT2 study, considering potential tachyphylaxis, and sought broad parameters on blinded safety data for NT2.

Answer

Richard Pops, CEO, declined to comment on blinded data but stated that based on phase 1b, orexin-2 receptor agonists can drive wakefulness in NT2 and idiopathic hypersomnia patients. He emphasized looking for clear evidence of safety, tolerability, and efficacy across dose ranges to inform phase three, noting no pretest hypothesis for tachyphylaxis.

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