Morgan Stanley upgraded Axsome Therapeutics to Overweight from Equal Weight with a price target of $115, up from $90. The analyst sees an attractive risk/reward heading into the Phase III ADVANCE-2 readout. The firm sees a high probability of sucess and potential for significant upside from ADVANCE-2, with downside protection provided by the company’s currently commercialized central nervous system therapies. Axsome is developing a pipeline of CNS therapies, and lead therapy Auvelity is currently commercialized for major depressive disorder. Morgan Stanley believes Auvelity provides a base business value of $60 per share.
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