As previously reported, RBC Capital initiated coverage of Axsome Therapeutics with an Outperform rating and $126 price target. The company’s lead value driver Auvelity is showing good Rx growth, and sales can reach $296M in 2024, ahead of $272M consensus thanks to the earlier than expected adoption of the drug, the analyst tells investors in a research note. Auvelity use as the rapid acting profile resonates with patients and prescribers, the firm states, adding that the company’s successful launch of Auvelity, stable cash flows from Sunosi, and underappreciated pipeline optionality make for an “attractive mid-cap biotech”.
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