Axsome Therapeutics (NASDAQ:AXSM) closed up ~7% Tuesday, the same day that Cantor Fitzgerald reiterated an outperform rating and $108 price target (~42% upside based on Tuesday’s close).
Cantor mentioned the biopharma in its honorable mention list of neuro-innovator and platform-enabled therapeutics companies for H2 2023. The firm noted that a data readout for a phase 3 trial of AXS-12 for narcolepsy could boost the stock.
Axsome (AXSM) is also benefitting from growing sales of its fast-acting antidepressant Auvelity (dextromethorphan and bupropion), which launched in October 2022. Per IQVIA, ~4.9K Auvelity scripts were written for the week ended Aug. 11, a 7% increase from the prior week.