Axsome Therapeutics price target lowered to $130 from $131 at RBC Capital

RBC Capital lowered the firm’s price target on Axsome Therapeutics to $130 from $131 and keeps an Outperform rating on the shares. Axsome reported continued growth for Auvelity and major catalysts still on track for 2H24, and the firm believes Auvelity can continue on its growth trajectory given increasing prescriber adoption, improving payer coverage, and an expanded salesforce, the analyst tells investors in a research note. RBC also seea favorable reward/risk into the ADVANCE-2 and ACCORD-2 readouts in 2H24. RBC would use the dip to buy shares given strong base business performance and potential upside from near-term phase III catalysts.