Bank of America Securities analyst Jason Gerberry has reiterated their bullish stance on AXSM stock, giving a Buy rating yesterday.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Jason Gerberry has given his Buy rating due to a combination of factors including Axsome Therapeutics’ strong financial performance and growth potential. The company’s second-quarter earnings per share exceeded expectations, driven by better-than-anticipated results from Auvelity and Sunosi. This success has led to an increase in forecasts for Auvelity’s major depressive disorder (MDD) treatment, with expectations of continued prescription growth supported by favorable payer contracting.
Additionally, while Symbravo’s initial revenues were modest, this was anticipated due to its recent market entry. The focus on targeted headache centers is expected to enhance its performance over time. Furthermore, Auvelity’s expanding presence in the primary care segment, along with increased payer coverage, positions it well for future growth. These factors collectively contribute to the optimistic outlook for Axsome’s stock, justifying the Buy rating.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $191.00 price target.