Axsome Therapeutics price target raised to $118 from $106 at BofA

BofA analyst Jason Gerberry raised the firm’s price target on Axsome Therapeutics (AXSM) to $118 from $106 and keeps a Buy rating on the shares after a 3Q update that included a revenue beat and “encouraging” pipeline updates. Updates on the timing of two ongoing Phase 3 Auvelity ADA trials clarifies the catalyst event path with both studies set to readout simultaneously in Q4, says the firm, which believes Axsome only needs to hit one of two ADA trials to “remove any overhang regarding regulatory prospects for the important label expansion.”