Needham initiated coverage of Axsome Therapeutics with a Buy rating and $130 price target. The analyst expects Axsome’s diversified central nervous system portfolio to help grow its risk-adjusted sales by 8-10 times in five years. The firm expects upside for Axsome “simply on its two marketed drugs,” Auvelity and Sunosi. In addition, the company’s most significant pipeline asset, AXS-05 in Alzheimer’s disease agitation, is already de-risked based on two positive Ph se 3 readouts, the analyst tells investors in a research note.
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