Axsome Therapeutics price target lowered to $95 from $97 at BofA

BofA lowered the firm’s price target on Axsome Therapeutics (AXSM) to $95 from $97 and keeps a Neutral rating on the shares. The firm notes it recently conducted two psychiatry key opinion leader calls that resulted in model changes for Teva (TEVA) and Axsome. For Teva, the firm increased out-year Austedo movement disorder sales based on script growth. For Axsome, the firm slowed its AXS-05 forecasted sales ramp as it contends that some, but not all, of the barriers impeding uptake of Otsuka’s Rexulti launch are “likely carry-over.” The firm continues to forecast nominal peak sales for AXS-05 in ADA of about $1.5B, though a slower sales ramp leads to a decrease in the firm’s target.