Citi analyst David Hoang raised the firm’s price target on Axsome Therapeutics to $127 from $125 and keeps a Buy rating on the shares. The company reported positive Phase 3 narcolepsy data that was met by an “unwarranted selloff,” with the shares down 4% in Monday’s trading, the analyst tells investors in a research note. The analyst believes the market reacted negatively to a high placebo rate, which translated to smaller placebo-adjusted reduction in cataplexy versus competitors. With primary and secondary endpoints “clearly met,” Citi sees AXS-12 as an approvable drug with $310M in U.S. peak sales.
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