Guggenheim analyst Yatin Suneja caught up with Axsome Therapeutics management following today’s publication of a short report on the name and reports that management emphasized the allegations are “completely baseless” and the report fails to comprehend gross-to-net discounting dynamics, copay assistance programs and general accounting practices common to biotech launches. The firm, which thinks today’s short report has put “unnecessary pressure on the stock,” cites a positive view on the coming pivotal Alzheimer’s disease agitation readout in the second half of 2024 for its view that today’s weakness is “an incremental buying opportunity.” Guggenheim maintains a Buy rating on Axsome shares.
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