William Blair analyst Myles Minter has maintained their bullish stance on AXSM stock, giving a Buy rating on October 20.
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Myles Minter has given his Buy rating due to a combination of factors that highlight Axsome Therapeutics’ strong financial performance and strategic advancements. The company reported third-quarter revenue for Auvelity that surpassed both internal and consensus expectations, indicating robust demand and effective market penetration. Additionally, the revenue from Sunosi also exceeded estimates, showcasing the company’s ability to outperform market predictions.
Furthermore, Axsome’s financial position appears solid, with current cash reserves expected to sustain operations until the company achieves cash flow positivity. The submission of a supplemental NDA for Auvelity in treating Alzheimer’s disease agitation marks a significant step in expanding its therapeutic applications, potentially enhancing future revenue streams. The company’s strategic moves, such as contracting with a large group purchasing organization and increasing payer coverage, further support the positive outlook and justify the Buy rating.
In another report released on October 20, Morgan Stanley also maintained a Buy rating on the stock with a $194.00 price target.