BofA upgraded Axsome Therapeutics to Buy from Neutral with a price target of $106, up from $95, ahead of ADA data for Auvelity. The firm sees pivotal data in Alzheimer’s agitation, or ADA, as a “clearing event for the stock de-risking” as the follow-on indication has high peak revenue potential, the analyst tells investors. The firm additionally came away from the company’s Q2 report with the view that Auvelity’s already-approved MDD indication is starting to see an uptick in growth.
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