Vikram Purohit, an analyst from Morgan Stanley, maintained the Buy rating on Axsome Therapeutics (AXSM – Research Report). The associated price target remains the same with $190.00.
Vikram Purohit’s rating is based on the promising commercial performance of Axsome Therapeutics’ key product, Auvelity. Since its approval for major depressive disorder in August 2022 and subsequent market release in October 2022, Auvelity has shown significant sales growth. Over the initial nine quarters, it has generated approximately $430 million in sales, with expectations to reach $500 million by 2025 and exceed $1 billion by 2027.
Additionally, the consistent increase in prescription trends supports the positive outlook. For the week ending March 14, Auvelity’s total prescriptions and new prescriptions rose by about 3% and 2%, respectively, compared to the previous week. This growth trajectory, alongside achieving 165,000 new patient starts and 158,000 total prescriptions in the fourth quarter of 2024, underscores the drug’s strong market penetration and potential for continued success.