After Axsome Therapeutics (AXSM) yesterday reported negative results from its Phase 3 major depressive disorder trial evaluating Sunosi as a monotherapy, BofA says the firm continues to ascribe zero value to the Sunosi-MDD opportunity which it continues to see as “high risk” following the Phase 3 update. The firm, which reiterates a Buy rating and $174 price target on the shares, believes Axsome’s product pipeline “remains underappreciated at current trading levels,” the analyst tells investors.
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