Axsome selloff on SVB exposure should be bought, says Mizuho

Mizuho recommends buying shares of Axsome Therapeutics (AXSM) on weakness after the company disclosed "material cash deposits" held at Silicon Valley Bank (SIVB) and Citibank (C). Axsome also stated its belief that, based on its operating plan, the combination of current cash held at Citibank and funds available from its existing $350M term loan facility with Hercules Capital (HTGC) was sufficient to fund operations into cash-flow positivity, the analyst tells investors in a research note. Mizuho reiterates a Buy rating on Axsome with an $84 price target.