In a report released today, Charles Duncan from Cantor Fitzgerald reiterated a Buy rating on Axsome Therapeutics Inc (AXSM – Research Report), with a price target of $25. The company’s shares closed yesterday at $12.01.
“. We reiterate our Overweight rating and raise our PT on AXSM to $25 from $16. Despite AXSM’s outperformance so far in 2019, we believe that, with multiple readouts remaining this year, including in tough-to-treat TRD and other large indications, there is potential for further upside. We recently “re- reviewed” the literature on mechanistic nuances for NMDA receptor modulator/ antagonists and caught up with management to discuss the pipeline. As a result, we revisited our projections and now include MDD, which we see as a “shorter putt” and a larger market opportunity than TRD.”
According to TipRanks.com, Duncan is a 4-star analyst with an average return of 5.0% and a 51.5% 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 $21, representing a 74.9% upside. In a report issued on March 15, H.C. Wainwright also reiterated a Buy rating on the stock with a $18 price target.
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 $7.43 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.