Sep. 23 at 10:06 AM
Truist assumed coverage of
$AXSM at Buy⬆️PT to
$285.
$JNJ $ABBV GSK OTSKY ACAD BMY
Truist said in its note: We are assuming coverage of Axsome Therapeutics (AXSM) with an unchanged Buy rating &
$285 PT (
$200 PT prior), ~40% above last close.
We like the near-term revenue growth (2Q26 net product revenue +46% y/y) with a clinically derisked pipeline.
The recent approval of Auvelity in ADA opens a second, larger indication with an established infrastructure (note, peak Auvelity sales
$4.7B).
AXSM pipeline explores reformulations of known products in disease states complementary to its existing commercial infrastructure, which we believe lowers clinical risk and has the potential for cost synergies.
Multiple readouts expected over the next 12-18 mos are potential upside to our ests.
