Morgan Stanley analyst Vikram Purohit has maintained their bullish stance on AXSM stock, giving a Buy rating yesterday.
Vikram Purohit has given his Buy rating due to a combination of factors that highlight Axsome Therapeutics’ promising developments and strategic advancements. The recent approval of Symbravo for migraine treatment and the favorable intellectual property settlement with Teva regarding Auvelity have been pivotal. These developments have not only strengthened Axsome’s market position but also contributed to a significant increase in the company’s stock performance, with AXSM showing a notable rise compared to broader market indices.
Furthermore, Purohit’s analysis includes an updated model that reflects increased terminal values for Axsome’s key products, AXS-05 and Auvelity, extending their potential market exclusivity. This adjustment, alongside a conservative yet optimistic sales forecast for Symbravo, supports a higher price target of $190. These strategic updates, combined with anticipated strong performance from Axsome’s pipeline, underpin the Buy rating, suggesting a favorable outlook for the company’s future growth and profitability.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $212.00 price target.
AXSM’s price has also changed dramatically for the past six months – from $88.510 to $128.330, which is a 44.99% increase.
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