Leerink Partners analyst Marc Goodman has maintained their bullish stance on AXSM stock, giving a Buy rating yesterday.
Marc Goodman has given his Buy rating due to a combination of factors related to Axsome Therapeutics’ recent developments. The company reported positive results from its ADHD trial with Sunosi, showing statistically significant improvement at the 150 mg dose compared to placebo. This outcome, despite being slightly lower than existing non-stimulant treatments, indicates potential for Sunosi in the ADHD market.
Additionally, the safety and tolerability profile of the drug was favorable, and Axsome is planning to initiate a pediatric trial, which is a necessary step for further development. Although the stock’s movement was not as expected due to the lack of a dose response and modest placebo-adjusted improvement, Goodman believes the market reaction was exaggerated. The potential for Sunosi to achieve significant sales in the ADHD market remains a strong factor in his positive outlook.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $216.00 price target.
AXSM’s price has also changed moderately for the past six months – from $89.920 to $120.360, which is a 33.85% increase.