- We are initiating coverage of Axsome Therapeutics with a BUY rating, TP of 120 USD.
- Our enthusiasm revolves around the April 29th PDUFA for AXS-07 targeting migraine, where we believe there is around a ~90% probability of approval (valuation section).
- We like Axsome Therapeutics' AXS-07 targeting migraines due to its impressive phase 3 clinical trial data. We are impressed with the drug’s ability to demonstrate statistical efficacy, rapid onset of action, and durability on both primary and secondary endpoints.
- Risk abounds; considering that AXS-07 and AXS-05 drive the majority of the value for the company, FDA rejecting any of the candidates will plague the stock price significantly.
For further details see:
Axsome: A Speculative Buy, Undervalued Biotech With A Short-Term Catalyst