Mizuho Securities assumes coverage of Axsome Therapeutics Inc (NASDAQ: AXSM), with a Buy rating and a price target of $76, representing a 25% upside from the last close is 55% above the initial price target of $49.
The analyst is conservative on revenues relative to consensus over the near- and mid-term. It is also below consensus on the cost/expense side, finding merit in Axsome's disciplined spending approach.
Mizuho sees modest novelty in AXSM's candidates, and the markets it addresses feature meaningful branded and generic competition.
The analyst also notes that a potentially significant opportunity exists given large markets (e.g., major depressive disorder and migraine) and limited efficacy seen with current standards of care.
Price Action: AXSM shares are up 0.22% at $60.92 on the last check Wednesday.
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