Mizuho lowered the firm’s price target on Axsome Therapeutics (AXSM) to $122 from $124 and keeps an Outperform rating on the shares after the company announced Phase 3 data for its lead asset AXS-05 in Alzheimer’s disease agitation. The data were mixed, with only one of two studies hitting the endpoint, the analyst tells investors in a research note. The firm says that while going 1-for-2 was not the result it was looking for, it nonetheless expects an eventual U.S. approval. Mizuho raised the probability of success for the drug, but as an offset due to the mixed data, it also lowered slightly its peak market share penetration.
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