After Axsome Therapeutics (AXSM) disclosed yesterday that Teva (TEVA) submitted a Paragraph 4 patent challenge against Auvelity for MDD, BofA analyst Jason Gerberry said the IP challenge "comes as expected" and is not a surprise since Auvelity is not a new chemical entity and "lacked the regulatory exclusivity necessary to shield the drug from early IP challenge." The "only surprise" is that the challenge came so quickly, happening only about four months post Auvelity’s commercial launch, according to the firm. BofA reiterates an Underperform rating and $52 price target on Axsome as it expects Auvelity’s MDD launch to fall short of consensus expectations.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on AXSM:
- Axsome received Paragraph IV certification notice on Auvelity ANDA from Teva
- Axsome Therapeutics management to meet with Truist
- Axsome Therapeutics to Present at the SVB Securities Global Biopharma Conference
- Axsome Therapeutics to Report Fourth Quarter and Full Year 2022 Financial Results on February 27
- Axsome Therapeutics price target raised to $86 from $80 at Mizuho