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Axsome Therapeutics price target raised to $86 from $73 at Morgan Stanley

Morgan Stanley analyst Vikram Purohit raised the firm’s price target on Axsome Therapeutics to $86 from $73 and keeps an Equal Weight rating on the shares after the company reported positive data from the ACCORD trial of AXS-05 in Alzheimer’s Disease Agitation, or ADA. AXS-05 appears active in ADA and he now includes a risk-adjusted value for ADA in his model, assigning AXS-05 a 70% probability of success in in this indication and estimating a launch in late 2026.

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