Piper Sandler analyst David Amsellem last night upgraded Axsome Therapeutics to Overweight from Neutral with a price target of $90, up from $70. With management undertaking a “major expansion” of the company’s commercial organization, Axsome is now fully-committed to putting in place a comprehensive “ground game” that can drive Auvelity to critical mass in what is a promotion-intensive major depressive disorder setting, the analyst tells investors in a research note. The firm believes the expanded sales force is now a “truly leveragable asset” that enables the company to “hit the ground running” with other psychiatry-focused assets.
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