UBS raised the firm’s price target on Axsome Therapeutics (AXSM) to $259 from $251 and keeps a Buy rating on the shares ahead of the April 30 FDA action date for Auvelity’s Alzheimer’s disease agitation filing. UBS has “high conviction” in Auvelity’s approvability and believes the new indication could add $2bn in incremental sales. The firm believes the decision could come earlier than April 30 and expects a “clean label.”
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