Axsome Therapeutics (AXSM) PT Raised to $143 at RBC Following Symbravo's Approval

RBC Capital analyst Leonid Timashev raised the price target on Axsome Therapeutics (NASDAQ: AXSM) to $143.00 (from $139.00) while maintaining an Outperform rating.

The analyst commented: "See Potential Specialist Enthusiasm for Symbravo in Migraine, Though Launch May Initially Be Gradual; This morning AXSM hosted a conference call and featured a migraine KOL to discuss the approval of Symbravo, and we had a chance to catch up with the company for additional color as well. We note payer contracting is still to be determined and will be a key determinant of how Symbravo is used, but KOL interest in the drug was high given the rapid onset and efficacy, with potential for broad use across a large proportion of acute migraine patients. With AXSM planning a targeted launch initially, and availability expected in 2Q24, we would expect only modest 2025 contributions, though continue to believe that neither the peak migraine opportunity nor AXSM's other late-stage assets are well appreciated on the Street; price target to $143 on model updates."

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