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 $13. The company’s shares opened today at $9.59, close to its 52-week high of $10.80.
“. We reiterate our Overweight rating and $13 PT for AXSM. This morning, Axsome announced that it obtained a for its P2/3 migraine trial with AXS-07, and we caught up with management to get more details on the trial. We believe the SPA helps to lower, but not eliminate, clinical, regulatory, and commercial risk going forward. Specifically, we are cautiously optimistic on AXS-07 achieving clinically meaningful results over component drugs in this potentially pivotal trial.”
According to TipRanks.com, Duncan is a 3-star analyst with an average return of 1.0% and a 47.1% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
Axsome Therapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $17, representing a 77.3% upside. In a report issued on January 31, H.C. Wainwright also reiterated a Buy rating on the stock with a $15 price target.
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.