Mizuho Securities analyst Graig Suvannavejh has maintained their bullish stance on AXSM stock, giving a Buy rating yesterday.
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Graig Suvannavejh’s rating is based on a combination of factors including Axsome Therapeutics’ recent financial performance and future prospects. The company’s net product revenue was slightly higher than previously announced, aligning well with estimates, which indicates strong sales performance for its products Auvelity and Sunosi. Additionally, despite higher operational expenses, which included some one-time costs, the company maintains a cash position that is expected to support its path to profitability.
Moreover, Axsome’s pipeline developments contribute positively to the outlook. While there are some delays in their clinical trials and submission timelines for certain drugs, the commitment to advancing new drug applications, like AXS-12 in narcolepsy, suggests a robust future pipeline. Despite these delays, the overall strategic direction and financial health underpin Suvannavejh’s Buy rating, reflecting confidence in the company’s long-term value potential.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $200.00 price target.