William Blair analyst Myles Minter has reiterated their bullish stance on AXSM stock, giving a Buy rating today.
Myles Minter has given his Buy rating due to a combination of factors related to Axsome Therapeutics’ recent clinical trial results. The company announced positive top-line data from a Phase III study of solriamfetol, marketed as Sunosi, for treating excessive daytime sleepiness (EDS) in patients with obstructive sleep apnea (OSA). Although the study did not achieve statistical significance in the overall patient population, it showed clinically meaningful improvements in depressive symptoms for a prespecified subgroup with severe EDS.
Minter’s rating reflects the potential commercial positioning of solriamfetol, as the drug demonstrated significant efficacy in improving multiple measures of depressive symptoms in the subgroup with severe EDS. This subgroup showed notable improvements on the Montgomery-Åsberg Depression Rating Scale (MADRS) and other clinical impression scales compared to placebo. Given the high prevalence of EDS in major depressive disorder (MDD) patients, these results suggest a promising market opportunity for Axsome Therapeutics, supporting the Buy recommendation.
In another report released today, Needham also maintained a Buy rating on the stock with a $153.00 price target.