Cantor Fitzgerald analyst Charles Duncan reiterates an Overweight rating and price target of $108 on Axsome Therapeutics (AXSM) shares after the company reported Q2 total product revenues of $46.7M, above the firm’s projections and FactSet consensus. The firm also notes that Axsome ended Q2 with pro forma cash/equivalents of $469M, inclusive of the capital raise completed in July. Completing only its second quarter post-launch with promising early launch metrics, Cantor Fitzgerald has reinforced conviction in top-line growth potential, particularly for AUVELITY. In the firm’s view, the recent CRL of Sage‘s (SAGE) zuranolone in major depressive disorder, further validates AUVELITY’s differentiating clinical value characterized by its favorable tolerability and fast onset of action, as well as durability.
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