Guggenheim Defending Axsome Therapeutics (AXSM), 'buyers of AXSM shares on today's weakness'

Guggenheim analyst Yatin Suneja reiterated a Buy rating and $195.00 price target on Axsome Therapeutics (NASDAQ: AXSM)

The analyst comments "We caught up with AXSM on the positive results from the Phase III FOCUS study (n=516) of solriamfetol (approved as Sunosi) in the treatment for ADHD. The 150mg dose met its primary endpoint demonstrating a stat-sig reduction in the Adult ADHD Investigator Symptom Rating Scale (AISRS) total score compared to placebo at Week 6, with a mean reduction from baseline of 17.7 points for solriamfetol vs. 14.3 points for placebo (¥Ä: 3.4 points; p=0.039), representing a 45% mean reduction in ADHD symptoms. Additionally, 53.5% of patients had a clinical response (¡Ã30% improvement from baseline) vs. 41.3% on placebo. Improvements on drug were observed as early as Week 1 (p=0.036). The 300mg dose arm did not meet statistical significance in the study, which has increased investor skepticism on the overall strength of the data, however, we think these concerns are misplaced (see below). Safety of solriamfetol was consistent with the established profile of the approved Sunosi with no severe AEs reported. The company will now study the drug in a trial of pediatric patients, aiming to initiate a study this year; together these studies will form the basis of an NDA. We would be buyers of AXSM shares on today's weakness."

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 $129.17 yesterday.

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