Axsome Therapeutics Inc (AXSM) Received its Third Buy in a Row


After Leerink Partners and H.C. Wainwright gave Axsome Therapeutics Inc (NASDAQ: AXSM) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Charles Duncan reiterated a Buy rating on Axsome Therapeutics Inc today and set a price target of $25. The company’s shares opened today at $19.11, close to its 52-week high of $19.28.

Duncan said:

“. We reiterate our Overweight rating and $25 PT per share of AXSM. Axsome announced today that the development status and plan for AXS-05 in the treatment of MDD and TRD have been expedited following a Breakthrough Therapy meeting with the FDA. Key to this program is that the ASCEND trial of AXS-05 in MDD is now considered as pivotal and will be sufficient with the ongoing STRIDE-1 P3 (topline data in 2H19) to file for a NDA in MDD. In addition, it announced this morning that the accelerated timeline for reporting topline results from the MOMENTUM P3 trial of AXS-07 (MoSEIC) for the acute treatment of migraine from 1Q20 to 2H19.”

According to TipRanks.com, Duncan is a 4-star analyst with an average return of 7.5% and a 50.9% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.

Axsome Therapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $24.50.

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Based on Axsome Therapeutics Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $9.6 million. In comparison, last year the company had a GAAP net loss of $4.81 million.

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Axsome Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in developing novel therapies for the management of central nervous system disorders. Its product candidates include AXS-02 and AXS-06 which are developing for multiple indications.

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