Analyst Vikram Purohit from Morgan Stanley maintained a Buy rating on Axsome Therapeutics (AXSM – Research Report) and keeping the price target at $190.00.
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Vikram Purohit has given his Buy rating due to a combination of factors surrounding the commercial performance of Axsome Therapeutics’ drug, Auvelity. The medication, approved for major depressive disorder, has shown promising sales figures since its launch. Notably, Auvelity has achieved significant growth in prescriptions, with a notable increase in both total and new prescriptions in recent weeks.
Furthermore, the drug’s sales trajectory is expected to continue its upward trend, with projections indicating a substantial increase in revenue over the coming years. The robust performance of Auvelity, coupled with its potential to capture a larger market share in the antidepressant sector, underpins Purohit’s positive outlook on Axsome Therapeutics’ stock.
AXSM’s price has also changed moderately for the past six months – from $89.870 to $106.270, which is a 18.25% increase.