Piper Sandler analyst David Amsellem initiated coverage of Axsome Therapeutics with a Neutral rating and $75 price target. Though he sees much to like about Auvelity in both major depressive disorder nd Alzheimer’s associated agitation, the analyst is cautious on Axsome shares in part given the heavy spend needed to support a brand antidepressant in a heavily genericized, promotion-intensive space. Beyond that, his caution is also a function of doubts regarding the extent to which the company’s other opportunities will be major contributors.
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