William Blair analyst Myles Minter has reiterated their bullish stance on AXSM stock, giving a Buy rating today.
Myles Minter has given his Buy rating due to a combination of factors surrounding Axsome Therapeutics’ recent developments. The company announced promising results from their Phase III EMERGE study, which evaluated the effectiveness of Symbravo in patients who did not respond adequately to oral CGRP inhibitors. This study, although not required for regulatory approval, is expected to play a crucial role in shaping Axsome’s market strategy and enhancing the commercial positioning of Symbravo.
Minter believes that the data from the EMERGE study provides Axsome with a strong narrative to address the needs of migraine patients dissatisfied with current treatments. With a significant portion of the migraine treatment market dominated by CGRP inhibitors, the introduction of Symbravo as a triptan/NSAID combination therapy offers a meaningful alternative. The study’s findings suggest that Symbravo could potentially meet the needs of the 70% of migraine patients who are not satisfied with their current therapies, thereby presenting a significant market opportunity for Axsome.
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