Morgan Stanley keeps an Overweight rating and $125 price target on Axsome Therapeutics (AXSM) but notes that while its ACCORD-2 study succeeded, the ADVANCE-2 provided a “negative surprise” with placebo outperformance. The firm further states however that while the results go against its base case expectation heading into the data sets of positive results from both ADVANCE-2 and ACCORD-2, based the totality of the AXS-05 data sets and the management commentary regarding alignment with the FDA on filing requirements, it remains positively inclined for the path forward for in Alzheimer’s disease agitation towards filing and an eventual potential approval.
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