After Axsome Therapeutics (AXSM) reported Phase 3 topline data for AXS-05 in Alzheimer’s disease agitation with one positive and one negative study, BofA analyst Jason Gerberry notes that three of four successful pivotal trials have now been reported in total. The firm, which sees today’s trial outcome scenario as supportive of ADA approval, makes no change to its 90% odds of success estimate nor its Buy rating and $118 price target on shares, which it views as “undervalued relative to the peak sales outlook.”
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