RBC Capital raised the firm’s price target on Axsome Therapeutics (AXSM) to $138 from $132 and keeps an Outperform rating on the shares after the company reported data from its ADVANCE-2 and ACCORD-2 trials in Alzheimer’s agitation with AXS-05. Though only ACCORD-2 hit the primary, the firm believes the totality of the data from the three positive trials, along with a safe and well-tolerated profile, should be sufficient to enable approval by 2026, and unlock a $1.1B U.S. opportunity driven by physician enthusiasm for a drug without risk of mortality in the elderly. While the firm is not surprised the stock is down somewhat on the mixed data, it believes the underlying data package for AXS-05 is solid.
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