H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Axsome Therapeutics today and set a price target of $180.00.
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Ram Selvaraju’s rating is based on several factors that suggest a positive outlook for Axsome Therapeutics. Firstly, despite the generic challenge to SYMBRAVO by Apotex, Selvaraju does not perceive any immediate threat to Axsome’s market position. He believes that the patents protecting SYMBRAVO are robust enough to withstand the challenge, and any litigation would likely result in a 30-month stay, allowing Axsome to maintain its market exclusivity in the near term.
Additionally, the ongoing rollout of SYMBRAVO is progressing well, with the product already generating sales and securing payer coverage. The drug’s distinct advantages in terms of safety, tolerability, and efficacy compared to existing treatments further bolster its market potential. Selvaraju anticipates that the coverage for SYMBRAVO will expand significantly, enhancing its commercial prospects. These factors contribute to his confidence in Axsome’s growth trajectory, justifying the Buy rating with a 12-month target price of $180.
In another report released today, Mizuho Securities also reiterated a Buy rating on the stock with a $200.00 price target.