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 opened today at $18.67, close to its 52-week high of $20.31.
“. We reiterate our Overweight rating and $25 PT per share on AXSM. Axsome reported 1Q19 financial performance ending the period with cash of $42.6M. Our model projects sufficient funding into 1Q21, beyond key data readouts of several ongoing P2 and P3 trials. Despite 2019 having already been eventful for the co’s pipeline and AXSM shares, we continue to perceive a market inefficiency exists on the potential for lead candidate AXS-05 to move forward clinically and commercially as a differentiated mechanism/ clinical profile in a large depression indication, almost irrespective of the outcome of the ongoing STRIDE-1 trial in TRD in 2H19.”
According to TipRanks.com, Duncan is a 4-star analyst with an average return of 6.8% and a 49.2% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Axsome Therapeutics Inc with a $24.50 average price target.
The company has a one-year high of $20.31 and a one-year low of $1.94. Currently, Axsome Therapeutics Inc has an average volume of 1.18M.
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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.