Axsome Therapeutics price target lowered to $123 from $126 at RBC Capital

RBC Capital analyst Leonid Timashev lowered the firm’s price target on Axsome Therapeutics to $123 from $126 but keeps an Outperform rating on the shares after its Q4 results. The focus of the earnings call was the delay in the ADVANCE-2 readout – the possibility of which had been an investor debate of late – though the firm also cites continued strong launch trajectory for Auvelity that could enable $296M in 2024 sales, the analyst tells investors in a research note. RBC adds that the post-earnings stock price decline is likely an “overreaction” and that it would be “buyers on weakness”.