Mizuho analyst Graig Suvannavejh reiterated an Outperform rating and $316.00 price target on Axsome Therapeutics (NASDAQ: AXSM).

The analyst comments "Ahead of AXSM's 3Q26 earnings on 11/2, we provide a quarterly preview, and further, revisit the Auvelity launch in Alzheimer's disease agitation/ADA (the #1 focus for investors). For 3Q, we adjust our total revenue estimate to $251.5mn — 2% lower than our prior $257.4mn, but still slightly ahead of consensus of $251.0mn — while for Auvelity (the only one amongst AXSM's three marketed products that really matters to investors), our revenue forecast moves to $208.9mn (vs. $213.1mn prior). On the ADA launch, with July-August-Sept. monthly Rx data now in-hand, we again provide a deep drive — and by our analysis, early trends remain quite positive. As such, and with AXSM shares -37% (vs. +15% for the XBI) since achieving all-time highs in mid-June (mainly, we believe, on misplaced initial ADA launch trajectory expectations, and also, perhaps, recent buy-side de-grossing), we remain OP-rated and recommend buying ahead of AXSM's 3Q print."

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Shares of Axsome Therapeutics closed at $159.58 yesterday.