UPDATE: Brean Capital Assumes Axsome Therapeutics (AXSM) at Buy

October 3, 2016 8:04 AM EDT
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Price: $7.40 +1.23%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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(Updated - October 3, 2016 10:04 AM EDT)

Brean Capital assumed coverage on Axsome Therapeutics (NASDAQ: AXSM) with a Buy rating and a price target of $20.

Analyst Difei Yang said, "The company’s leading product candidate is AXS-02, a targeted non-opioid therapeutic in development for chronic pain. AXS-02 is in trials across 3 designations, complex regional pain syndrome (CRPS), knee osteoarthritis (OA) with bone marrow lesions (BMLs), and chronic lower back pain (CLBP) with modic changes (MC). Axsome’s other product candidate, AXS-05, is in trials indicated for treatment resistant depression (TRD) and agitation in Alzheimer’s disease (AD). The company has lined up a series of catalysts for 4Q16 and 2017: 1) AXS-02 vs. CRPS Phase III trial (CREATE-1) interim analysis in 4Q16; 2) IND filing for AXS-05 vs. AD Phase II/III in 4Q16; and 3) CREATE-1 trial completion by YE 2017. We see the value drivers, CPRS, TRD, and AD, possessing lower-than-average R&D risks and a proven business model that lends itself to a shorter line to commercialization. As such, we assume coverage with a BUY rating and $20 TP."

For an analyst ratings summary and ratings history on Axsome Therapeutics click here. For more ratings news on Axsome Therapeutics click here.

Shares of Axsome Therapeutics closed at $7.88 yesterday.

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