Leerink Partners analyst Marc Goodman has maintained their bullish stance on AXSM stock, giving a Buy rating yesterday.
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Marc Goodman has given his Buy rating due to a combination of factors related to Axsome Therapeutics’ recent developments and future prospects. The approval of Symbravo for acute migraine in adults marks a significant milestone for the company, offering a new avenue for revenue even though expectations from the investment community are modest compared to management’s optimistic peak sales estimates. The strategic marketing approach, which mirrors the successful strategy used for Auvelity, aims to efficiently target a concentrated group of physicians, maximizing the product’s reach without an immediate direct-to-consumer campaign.
Another pivotal factor in the Buy rating is the potential upside from the upcoming EMERGE study results, which could bolster the company’s market position by proving the efficacy of their “super triptan” for CGRP failure cases. Furthermore, the unique properties of Symbravo’s combination and MOSEIC technology, as highlighted by key opinion leaders, offer distinct advantages for specific patient segments like those experiencing morning migraines or requiring strong anti-inflammatory treatments. Overall, the anticipation of positive EMERGE data and a focused launch strategy underpin the positive outlook on Axsome’s stock.
In another report released yesterday, Truist Financial also reiterated a Buy rating on the stock with a $190.00 price target.