TD Cowen analyst Joseph Thome maintained a Buy rating on Axsome Therapeutics today 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 including Axsome Therapeutics’ promising pipeline and potential for significant market impact. The company is advancing five Phase III development programs with the potential for seven approvals by 2028, which could drive peak sales exceeding $16 billion. Despite the need for strong clinical trial execution and marketing efforts, Thome believes the current stock price does not fully reflect this potential, indicating undervaluation.
Furthermore, the focus on AXS-05 for Alzheimer’s agitation, with a planned sNDA submission in Q3, is seen as a near-term catalyst. The optimism surrounding AXS-05’s approval and early adoption is bolstered by its solid tolerability profile. Additionally, Axsome’s pipeline includes promising developments in smoking cessation, narcolepsy, fibromyalgia, and other CNS disorders. Thome anticipates a series of catalysts over the next 12-18 months that could support the company’s growth and vision, reinforcing his Buy rating.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $180.00 price target.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AXSM in relation to earlier this year.