UPDATE: Morgan Stanley Downgrades Axsome Therapeutics (AXSM) to Equalweight

(Updated - August 10, 2021 8:49 AM EDT)

Morgan Stanley analyst Vikram Purohit downgraded Axsome Therapeutics (NASDAQ: AXSM) from Overweight to Equalweight with a price target of $34.00 (from $105.00).

The analyst commented, "An FDA letter noted deficiencies with the NDA for AXS-05 in MDD. With odds of an on-time approval lowered and the risk for a delay or a CRL increased, we now find the set-up for AXSM challenging, particularly given the lack of additional near-term pipeline catalysts."

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 $27.34 yesterday.

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