Axsome Therapeutics price target raised to $128 from $123 at RBC Capital

RBC Capital analyst Leonid Timashev raised the firm’s price target on Axsome Therapeutics to $128 from $123 and keeps an Outperform rating on the shares. The analyst cites the company’s topline data from its phase 3 SYMPHONY trial of AXS-12 in cataplexy, with the drug showing a clear statistically significant hit on the primary endpoint, along with positive improvements in sleepiness, mood, and cognition and a clean safety profile. The readout has been less of a focus for investors, but the data clears the bar for a regulatory approval, while key opinion leader interest suggests that there should be at least a $350M commercial opportunity for the drug, RBC tells investors in a research note.