After H.C. Wainwright and BTIG 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 closed on Friday at $13.46.
“We reiterate our Overweight rating and $25 PT on AXSM. Axsome pursues new indications for drugs approved in other indications, sometimes using new combinations or new routes of administration. We see this as a relatively balanced risk strategy and view the pipeline as robust, with trials spanning CNS and pain indications. We particularly value AXS-05 and its applicability to neuropsychiatric indications where we feel the individual compounds dextromethorphan (DM) and bupropion (BP) are derisked through proven efficacy in related indications.”
According to TipRanks.com, Duncan is a 4-star analyst with an average return of 5.3% and a 50.2% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.
Currently, the analyst consensus on Axsome Therapeutics Inc is a Strong Buy with an average price target of $24.50, representing an 82.0% upside. In a report issued on April 8, Leerink Partners also initiated coverage with a Buy rating on the stock with a $25 price target.
The company has a one-year high of $16.80 and a one-year low of $1.94. Currently, Axsome Therapeutics Inc has an average volume of 1.12M.
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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.