Axsome Therapeutics initiated with an Overweight at Wells Fargo

Wells Fargo analyst Cerena Chen initiated coverage of Axsome Therapeutics with an Overweight rating and $140 price target. The firm sees favorable risk-reward into AD agitation readout as it thinks the consistent efficacy/safety data in an area of high unmet need warrants higher probability of success. The rest of the pipeline is undervalued despite being largely derisked and represents pure upside, Wells argues.