Buy Rating Affirmed on Axsome Therapeutics Due to Strong Auvelity Sales and Promising Alzheimer’s Treatment Pipeline

Analyst Vikram Purohit from Morgan Stanley maintained a Buy rating on Axsome Therapeutics (AXSM – Research Report) and keeping the price target at $115.00.

Vikram Purohit has given his Buy rating due to a combination of factors surrounding Axsome Therapeutics’ recent performance and its promising pipeline. The company’s flagship product, Auvelity, demonstrated sales exceeding expectations by more than 5%, with a first quarter revenue of $53 million against a predicted $50 million, showcasing a robust market uptake. The strong gross-to-net percentage for Auvelity and stable inventory levels further reinforce the positive outlook on the company’s commercial execution.

Additionally, Axsome’s strategic progress in its Alzheimer’s disease agitation (ADA) treatment, AXS-05, contributes to the optimistic assessment. The announcement of a new study aimed at bolstering the existing data package for AXS-05 indicates a commitment to strengthening its regulatory and commercial potential. The fact that this new study is not expected to delay any filing timelines or affect the ongoing Phase III ADVANCE-2 study is a testament to Axsome’s efficient management and promising future prospects within the ADA treatment landscape.

In another report released today, Robert W. Baird also maintained a Buy rating on the stock with a $112.00 price target.

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Axsome Therapeutics (AXSM) Company Description:

Axsome Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in developing novel therapies for the management of central nervous system disorders. Its product candidates include AXS-02 and AXS-06 which are developing for multiple indications. The company was founded by Herriot Tabuteau on January 12, 2012 and is headquartered in New York, NY.