William Blair analyst Myles Minter has maintained their bullish stance on AXSM stock, giving a Buy rating today.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Myles Minter has given his Buy rating due to a combination of factors including Axsome Therapeutics’ strong financial performance and strategic advancements. The company’s second-quarter revenue for Auvelity exceeded expectations, with a notable 24% sequential growth, indicating potential inventory or pricing benefits. Additionally, Sunosi’s revenue aligned with estimates but surpassed consensus, further showcasing the company’s robust market position.
Minter also highlights Axsome’s effective cost management, as evidenced by a narrower net loss than anticipated. The company’s cash reserves are deemed sufficient to reach cash flow positivity under current plans. Furthermore, strategic developments such as the sNDA submission for AXS-05 in Alzheimer’s disease agitation and the NDA update for AXS-12 in narcolepsy demonstrate Axsome’s commitment to expanding its therapeutic portfolio, reinforcing the Buy rating.
According to TipRanks, Minter is a 4-star analyst with an average return of 11.5% and a 52.04% success rate. Minter covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Moderna, and Arcturus Therapeutics.
In another report released today, Needham also maintained a Buy rating on the stock with a $150.00 price target.