Mizuho Securities analyst Graig Suvannavejh has maintained their bullish stance on AXSM stock, giving a Buy rating on March 21.
Graig Suvannavejh has given his Buy rating due to a combination of factors including the strong performance of Axsome Therapeutics’ product, Auvelity. The prescription data for Auvelity showed a positive trend with an increase in both total and new prescriptions by 3% and 2% respectively, compared to the previous week. This growth is particularly notable as it outpaces the general market trend for antidepressant and antipsychotic analogs, which experienced a decline.
Furthermore, the quarterly and yearly growth metrics for Auvelity are impressive, with quarter-over-quarter growth rates of 6% for total prescriptions and 5% for new prescriptions, and year-over-year growth rates of 81% and 69% respectively. Despite a slight decrease in year-over-year growth compared to the previous week, the overall performance remains robust. Suvannavejh advises caution in interpreting weekly data but maintains a positive outlook on the stock’s potential based on these growth indicators.
Suvannavejh covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Apellis Pharmaceuticals, and Neumora Therapeutics, Inc.. According to TipRanks, Suvannavejh has an average return of -10.5% and a 38.85% success rate on recommended stocks.
In another report released on March 21, Morgan Stanley also maintained a Buy rating on the stock with a $190.00 price target.
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