After Axsome Therapeutics (AXSM) reported topline data from the studies of AXS-05 in Alzheimer’s disease agitation, Truist analyst Joon Lee noted that while the ADVANCE-2 study missed statistical significance, “more importantly,” ACCORD-2 was statistically significantly positive on both the primary and key secondary endpoints, making it the third positive study of AXS-05 in ADA. The firm, which currently models risk-unadjusted sales of AXS-05 in ADA of $2.3B in 2034, argues that the ADA results are “highly positive” and views AXS-05 as approvable for ADA. The firm, which adds that its model is under review, has a Buy rating and $150 price target on Axsome shares, which are down $7.02, or 8%, to $79.68 in early Monday trading.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AXSM:
- Morning Movers: Boeing lower after Jeju Air 737-800 crash in South Korea
- Axsome data ‘should be adequate’ for FDA approval, says Needham
- Axsome falls after one of two Alzheimer’s trials misses primary endpoint
- Axsome Therapeutics says ACCORD-2 Phase 3 trial achieves primary endpoint
- Axsome Therapeutics announces AXS-12 achieves primary endpoint in ENCORE