Analyst Vikram Purohit of Morgan Stanley maintained a Buy rating on Axsome Therapeutics (AXSM – Research Report), retaining the price target of $190.00.
Vikram Purohit has given his Buy rating due to a combination of factors related to Axsome Therapeutics’ strategic developments and future potential. Despite the recent PARADIGM study not meeting its primary endpoint for solriamfetol in major depressive disorder (MDD), the drug showed promising results in a subgroup of patients with severe excessive daytime sleepiness (EDS). This has led to plans for a new Phase III study targeting this specific patient group, indicating potential future success.
Moreover, the company’s focus remains on the commercial progress of Auvelity for MDD and regulatory advancements for AXS-05 in Alzheimer’s disease agitation. Additionally, the anticipated launch of Symbravo for migraines is expected to generate further interest. These strategic initiatives highlight Axsome’s potential for growth, justifying the Buy rating despite the modest negative impact from the PARADIGM study results.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $216.00 price target.
AXSM’s price has also changed moderately for the past six months – from $90.510 to $111.670, which is a 23.38% increase.