Cantor Fitzgerald Believes Axsome Therapeutics Inc (NASDAQ: AXSM) Still Has Room to Grow

In a report released today, Charles Duncan from Cantor Fitzgerald reiterated a Buy rating on Axsome Therapeutics Inc (AXSMResearch Report), with a price target of $16. The company’s shares opened today at $10.71, close to its 52-week high of $10.89.

Duncan said:

“. We reiterate our Overweight rating and raise our 12-mo. PT to $16 from $13/share on AXSM following the company’s 4Q18 earnings release. The company reported net loss of $0.32 per share for the quarter and net loss of $1.15 for the year. Cash balance at the end of the year was $14M, and recent financing puts pro forma cash at $52.6M, which we believe will fund operations to mid-2020, beyond key data readouts of several ongoing P2 and P3 trials. Multiple potentially stock-moving milestones coming up. So far in 2019, shares have appreciated ~240% following a positive readout from the P2 ASCEND trial with AXS-05 in MDD.”

According to TipRanks.com, Duncan is a 4-star analyst with an average return of 3.3% and a 48.7% 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 $16, which is a 49.4% upside from current levels. In a report issued on March 5, H.C. Wainwright also reiterated a Buy rating on the stock with a $15 price target.

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Based on Axsome Therapeutics Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $8.28 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.