Piper Sandler Reaffirms Price Target on Axsome (AXSM) Despite AXS-14 FDA Hurdle

Axsome Therapeutics Inc. (NASDAQ:AXSM) ranks among the 30 stocks expected to beat the market by 20 percentage points this year. Piper Sandler analysts maintained their $148 price target for Axsome Therapeutics Inc. (NASDAQ:AXSM) and reaffirmed their Overweight rating on June 10. This decision comes after the company revealed that the FDA had sent it a Refuse to File (RTF) notice regarding its New Drug Application (NDA) for AXS-14, an oral norepinephrine reuptake inhibitor used to treat fibromyalgia.

Piper Sandler Reaffirms Price Target on Axsome (AXSM) Despite AXS-14 FDA Hurdle

Although Piper Sandler analysts acknowledged the setback, they stressed that Axsome’s shares are not significantly impacted by this incident. Given the lack of new agent approvals in the fibromyalgia sector over the past ten years, the analysts pointed out that the FDA’s requested additional study would be useful, and claim that Axsome Therapeutics Inc. (NASDAQ:AXSM) can support the new study with its current commercial infrastructure.

Axsome Therapeutics Inc. (NASDAQ:AXSM) is a clinical stage biopharmaceutical company that contributes to the creation of novel therapies for disorders of the central nervous system.

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