Axsome Therapeutics (AXSM – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ami Fadia from Needham maintained a Buy rating on the stock and has a $153.00 price target.
Ami Fadia has given his Buy rating due to a combination of factors including the recent positive results from Axsome Therapeutics’ Phase 3 trial of solriamfetol in ADHD. The trial demonstrated statistically significant improvements in several key measures, such as the AISRS total score and CGI-S score, particularly at the 150 mg dose. These results were seen as early as the first week, which suggests a rapid onset of action.
Despite the higher 300 mg dose not achieving statistical significance, the overall positive data exceeded investor expectations, which were initially low. This positive outcome is anticipated to benefit the stock, although there is some uncertainty regarding solriamfetol’s differentiation in a competitive market with existing generic options. Fadia also notes that future results from the Phase 3 study of solriamfetol in major depressive disorder, expected in the first quarter of 2025, could further influence the stock’s performance.
In another report released on March 21, Morgan Stanley also maintained a Buy rating on the stock with a $190.00 price target.