Jefferies analyst Andrew Tsai raised the price target on Axsome Therapeutics (NASDAQ: AXSM) to $380.00 (from $275.00) while maintaining a Buy rating.

The analyst comments "Based on our (+) KOL discussions, we believe Auvelity's combined peak sales in major depression (MDD) and Alzheimer's agitation (AADAD) could surpass $6B+ (or $3B apiece), up from a $610M+ runrate in MDD-only - still conservative vs mgmt's $8B guidance. Ultimately, $6B of sales x 3x multiple (long IP tail) = $18B+ valuation (vs $12.5B cap), making AXSM's late-stage CNS pipeline (10+ indications) mostly call options - raising PT to $380."