Baird initiated coverage of Axsome Therapeutics with an Outperform rating and $108 price target. The analyst views the Phase 3 results coming in the second half of 2024 for AXS-05 in Alzheimer’s disease agitation as having a relatively high probability of success, and views the Phase 3 results coming this month for AXS-12 in narcolepsy as also having a favorable risk/reward. Meanwhile, sales of Auvelity for the treatment of major depressive disorder were $130M in 2023, the drug’s first full year of launch, and Baird anticipates the sales trajectory will remain strong in 2024, the analyst tells investors in a research note.
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