TD Cowen analyst Joseph Thome maintained a Buy rating on Axsome Therapeutics yesterday and set a price target of $190.00.
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Joseph Thome has given his Buy rating due to a combination of factors that highlight Axsome Therapeutics’ strong market position and growth potential. The company reported impressive third-quarter revenues, particularly from its Auvelity product, which exceeded market expectations. This performance underscores the product’s strong uptake and its potential to outpace the broader antidepressant market, driven by strategic sales force expansion and penetration into the primary care physician segment.
Furthermore, Axsome’s recent submission of a supplemental New Drug Application (sNDA) for Auvelity in addressing agitation in Alzheimer’s disease represents a significant growth opportunity. Despite some unpredictability in FDA actions, the company’s positive clinical trial results and favorable long-term tolerability profile provide a solid foundation for regulatory success. The alignment with the FDA on its pivotal package further strengthens the likelihood of a positive outcome, which could lead to substantial stock appreciation if the sNDA is accepted and priority review is granted.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $154.00 price target.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AXSM in relation to earlier this year.