Morgan Stanley on Axsome Therapeutics (AXSM), 'We continue to see the expected upcoming FDA action on AXS-05 as a significant catalyst for AXSM'

May 6, 2022 2:38 PM EDT
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Price: $44.25 -6.59%

Rating Summary:
    12 Buy, 1 Hold, 1 Sell

Rating Trend: = Flat

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    Up: 8 | Down: 33 | New: 7
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Morgan Stanley analyst Vikram Purohit reiterated an Equalweight rating and $27.00 price target on Axsome Therapeutics (NASDAQ: AXSM).

The analyst comments "AXSM has faced outsized pressure, which we believe may relate to the company's cancellation from an upcoming broker conference. We very recently received an update from mgt. regarding today's pressure on AXSM, confirming that the company will be unable to attend the conference in-person due to a scheduling conflict. Recall that mgt.has guided to a potential FDA action on the NDA for AXS-05 in MDD in 2Q22. Given the high degree of investor focus & perceived uncertainty regarding this catalyst, some investors may see the cancellation as reason for caution regarding a potential AXS-05update. However, mgt.noted in their update that they will be conducting investor meetings virtually and noted that the company is not aware of additional negative developments. We continue to see the expected upcomingFDA action on AXS-05 as a significant catalyst for AXSM,and anticipate +40%-60% upside upon news of an approval or entry into labeling discussions and 50%+ pressure from the announcement of a CRLand/or additional deficiencies."

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 $36.74 yesterday.

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