Axsome Therapeutics (AXSM – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Vikram Purohit from Morgan Stanley maintained a Buy rating on the stock and has a $190.00 price target.
Vikram Purohit has given his Buy rating due to a combination of factors that highlight Axsome Therapeutics’ promising regulatory progress and potential market impact. The company has received positive feedback from the FDA regarding its pre-NDA meeting for AXS-05, a treatment for Alzheimer’s disease agitation, suggesting that the data package is sufficient for an sNDA filing. This regulatory clarity is expected to alleviate investor concerns and could lead to a modest increase in the stock price.
Furthermore, Axsome’s decision to pursue an sNDA rather than a full NDA may expedite the filing process, potentially allowing for an earlier market entry. The anticipated acceptance of the filing by the FDA, possibly by late 2025, and the potential for priority review could see AXS-05 approved by mid-2026. With an 80% probability of success and projected peak sales, these developments support a positive outlook for Axsome Therapeutics, justifying the Buy rating.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $153.00 price target.
AXSM’s price has also changed dramatically for the past six months – from $89.650 to $127.150, which is a 41.83% increase.
Questions or Comments about the article? Write to editor@tipranks.com