Morgan Stanley Upgrades Axsome Therapeutics (AXSM) to Overweight, 'attractive risk/reward heading into 2H24'

Morgan Stanley analyst Vikram Purohit upgraded Axsome Therapeutics (NASDAQ: AXSM) from Equalweight to Overweight with a price target of $115.00 (from $90.00).

The analyst comments "Upgrading to OW on attractive risk/reward heading into 2H24, with PT up to $115. Following the recent pull back, we believe current levels provide an attractive entry point into AXSM ahead of a data readout that could unlock a significant commercial opportunity for Axsome. Additionally, we update our PT from $90 to $115 following (1) a revision to our ADA estimates for AXS-05, where we modestly increase peak uptake assumptions following recent KOL feedback from ~10% to ~15% to drive our peak U.S. gross sales from <$600M to ~$850M in 2030E, (2) an increase to our peak Auvelity MDD estimate from ~$900M to ~$1B on account of the strong launch underway, and (3) an increase in terminal value for AXS-05 in both MDD & ADA based on our increased confidence in Auvelity's IP estate through 2034."

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 $71.71 yesterday.

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