monsitj
UBS has initiated coverage of Axsome Therapeutics (NASDAQ:AXSM) with a buy rating, commenting that it was bullish on the launch of the company’s drug Auvelity and upcoming late-stage data readouts.
The investment bank said in a note that it believes Auvelity could become a “leading brand” in depression therapy, hitting $1B in sales by 2030. It added that positive Phase 3 data for Auvelity in Alzheimer’s agitation and for AXS-12 in narcolepsy “should drive stock outperformance.”
UBS also noted renewed investor interest in the CNS space following the Karuna and Cerevel deals. “We believe this is a sticky trend that provides a favorable backdrop for the stock,” it added.
UBS set its price target for the stock at $111.