Morgan Stanley analyst Sean Laaman has maintained their bullish stance on AXSM stock, giving a Buy rating on October 16.
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Sean Laaman has given his Buy rating due to a combination of factors, primarily focusing on Axsome Therapeutics’ promising commercial progress and strategic developments. The expansion of the sales force for Auvelity, which targets major depressive disorder (MDD), is expected to drive prescription growth, with third-quarter revenues projected at $129 million. This aligns with the company’s strategic efforts to enhance market penetration and revenue generation.
Additionally, the upcoming regulatory updates for AXS-05, particularly its supplementary NDA filing for Alzheimer’s disease agitation, represent a significant potential catalyst for the company. The early commercial performance of Symbravo, a treatment for acute migraine, also exceeded expectations, with sales surpassing consensus estimates. These strategic initiatives and product developments underpin Laaman’s positive outlook on Axsome’s future growth prospects.
According to TipRanks, Laaman is a 4-star analyst with an average return of 8.7% and a 61.81% success rate. Laaman covers the Healthcare sector, focusing on stocks such as Neurocrine, Jazz Pharmaceuticals, and BioMarin Pharmaceutical.
In another report released on October 16, UBS also maintained a Buy rating on the stock with a $163.00 price target.