In a report released today, Joseph Thome from TD Cowen maintained a Buy rating on Axsome Therapeutics (AXSM – Research Report), with a price target of $190.00.
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Joseph Thome has given his Buy rating due to a combination of factors surrounding Axsome Therapeutics’ recent performance and future potential. The company reported robust product revenues for the fourth quarter, notably driven by strong sales of Auvelity. The sales figures not only met pre-announcement expectations but also slightly exceeded consensus estimates, showcasing the product’s growing market acceptance. Additionally, the expansion of the Auvelity sales team is expected to further bolster sales, especially as the product gains traction among primary care physicians who treat a significant portion of the major depressive disorder (MDD) patient population.
Beyond current sales performance, Joseph Thome also highlights Axsome’s promising pipeline, with key data releases and regulatory submissions on the horizon. The anticipated Phase III data for Sunosi in ADHD and MDD could open up substantial commercial opportunities if positive. Furthermore, the settlement with Teva, which secures Auvelity’s market exclusivity until 2038, provides a significant runway for growth. These factors combined suggest a promising future trajectory for Axsome, justifying the Buy rating with potential upside in stock value.
In another report released on February 14, Mizuho Securities also maintained a Buy rating on the stock with a $195.00 price target.