In a report released today, Ami Fadia from Needham maintained a Buy rating on Axsome Therapeutics (AXSM – Research Report), with a price target of $153.00.
Ami Fadia has given his Buy rating due to a combination of factors surrounding Axsome Therapeutics’ recent developments. Despite the overall failure of solriamfetol in the Phase 3 PARADIGM study for major depressive disorder (MDD), the drug showed promising results in a specific subgroup of patients with severe excessive daytime sleepiness (EDS). This outcome supports the company’s decision to pursue further trials in this subgroup, indicating potential future success.
Moreover, the market had low expectations for the study’s results, which suggests that the impact on the stock may be minimal. Investors are also looking forward to updates on the AXS-14’s New Drug Application to the FDA for fibromyalgia, which could further bolster the company’s prospects. These elements collectively contribute to the positive outlook and the Buy rating assigned by Ami Fadia.