Shares of biopharmaceutical company Axsome Therapeutics (NASDAQ:AXSM) are rising today after its Sunosi met its primary endpoint in the SHARP study showing significant improvement in cognitive function in patients with excessive daytime sleepiness related to obstructive sleep apnea (OSA).
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Importantly, the drug also has an orphan drug status for narcolepsy in the U.S. and has a formidable patent estate that has expiries stretching out to 2040.
Is AXSM Stock a Good Buy?
Despite the market gyrations, AXSM stock is up nearly 20.4% year-to-date and the Street remains Bullish about the stock with a Strong Buy consensus rating based on eight Buys and a Hold.
Further, the average AXSM price target of $96 indicates a further 110.62% potential upside for the stock.
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