Axsome Therapeutics price target raised to $223 from $148 at Piper Sandler

Piper Sandler raised the firm’s price target on Axsome Therapeutics (AXSM) to $223 from $148 and keeps an Overweight rating on the shares. The firm says it met with Axsome senior management recently, and gained more insights into commercial dynamics surrounding Auvelity in agitation associated with Alzheimer’s disease. Given its view that a label expansion is highly likely, coupled with what in our view is strong visibility into continued brisk Auvelity growth in the major depressive disorder setting and the fact of a lengthy exclusivity runway into 2039, Piper is raising its price target