Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Axsome Therapeutics (AXSM – Research Report) and keeping the price target at $180.00.
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Ram Selvaraju has given his Buy rating due to a combination of factors including strategic legal settlements and promising market opportunities. Axsome Therapeutics has successfully negotiated a settlement agreement with Hetero Labs, which mitigates the risk of generic competition for their drug SUNOSI until at least 2040. This settlement, along with previous agreements with other companies, strengthens Axsome’s market position by delaying the entry of generic competitors.
Additionally, Axsome’s product AUVELITY is experiencing favorable market conditions, with significant payer coverage and anticipated growth from direct-to-consumer advertising. Furthermore, the company’s progress with AXS-05, particularly its upcoming submission for FDA approval for Alzheimer’s disease-associated agitation, adds to the positive outlook. These strategic developments and market dynamics underpin Selvaraju’s confidence in Axsome’s future performance, justifying the Buy rating and a 12-month price target of $180.
In another report released on May 30, Morgan Stanley also maintained a Buy rating on the stock with a $190.00 price target.
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