Truist analyst Joon Lee keeps a Buy rating and $150 price target on Axsome Therapeutics (AXSM) while noting that the firm is an “aggressive buyer” of the stock after the “positive” Phase 3 results in Alzheimer’s disease agitation. The firm notes that it is not worried that ADVANCE-2 missed statistical significance as anticipation is a common risk, especially for neurospsych trials, with news of efficacy from earlier trials starting to spread. Given AXS-05’s Breakthrough Designation conferred based on positive ADVANCE-1 results and consequent frequent dialogue with the FDA, Truist does not expect much surprises in the new drug application submission and review, the analyst tells investors in a research note.
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