Analyst Cerena Chen from Wells Fargo maintained a Buy rating on Axsome Therapeutics (AXSM – Research Report) and keeping the price target at $165.00.
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Cerena Chen’s rating is based on the understanding that the refusal to file for AXS-14 in fibromyalgia was due to trial design issues rather than data quality, indicating a potential opportunity for Axsome Therapeutics despite the setback. The FDA’s concern was with the flexible-dose and short duration of one trial, but not with the positive results, suggesting that with a revised trial design, the path to approval remains viable.
Moreover, the situation with AXS-14 does not affect the submission process for AXS-05, which is under a different division focused on psychiatry. The feedback for AXS-05 has been positive, with the supplemental NDA filing on track, reinforcing confidence in Axsome’s strategic direction and contributing to the Buy rating.
According to TipRanks, Chen is ranked #5747 out of 9593 analysts.
In another report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $183.00 price target.