Wells Fargo lowered the firm’s price target on Axsome Therapeutics (AXSM) to $157 from $163 and keeps an Overweight rating on the shares. The firm believes AXS-05 approval in Alzheimer’s disease agitation offers upside to shares, as it continues to see regulatory approval as the most likely outcome. Wells thinks stock volatility is possible near-term as investors scrutinize priority vs. standard; its base case is standard given Rexulti.
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