H.C. Wainwright Believes Axsome Therapeutics Inc (NASDAQ: AXSM) Still Has Room to Grow

In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Axsome Therapeutics Inc (AXSMResearch Report), with a price target of $30. The company’s shares closed yesterday at $25.09, close to its 52-week high of $25.24.

Selvaraju noted:

“We reiterate our Buy rating, while raising our 12-month price target to $30 from $23 to reflect increased probabilities of approval for AXS-05 in treatment-resistant depression (TRD) to 50% from 40%—in anticipation of positive data from the STRIDE-1 trial in the coming weeks—and to 50% from 40% in smoking cessation, as well as to 30% from the prior 20% in migraine. AXS-05 pathway defined. Axsome recently announced expedited development and pivotal status for AXS-05 in treatment of MDD and TRD, following an FDA Breakthrough Therapy meeting. Based on the outcome of this meeting, the previously completed ASCEND trial—now considered pivotal—is slated to be sufficient with the ongoing STRIDE-1 trial in TRD, if positive, to support an NDA filing for AXS-05 in MDD.”

According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of -1.8% and a 32.1% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.

Currently, the analyst consensus on Axsome Therapeutics Inc is a Strong Buy with an average price target of $26.25, implying a 4.6% upside from current levels. In a report issued on May 9, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $25 price target.

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The company has a one-year high of $25.24 and a one-year low of $1.94. Currently, Axsome Therapeutics Inc has an average volume of 1.33M.

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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.