Citi initiated coverage of Axsome Therapeutics with a Buy rating and $125 price target. The firm says the shares have been range-bound over the past year despite a solid start to the Auvelity launch in major depressive disorder and the potential to have five FDA-approved assets in six indications over the next two years, the analyst tells investors in a research note. The firm increasingly sees a disconnect between the company fundamentals and share price “that transcends an appropriate level of skepticism.” It modeling contemplates a base case of 80%-100% upside, with 200%-plus “for across-the-board success for all assets.” Citi names Axsome its 2024 top pick in the sector.
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