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Needham began protection of Axsome Therapeutics (NASDAQ:AXSM) with a purchase ranking, citing the corporate’s income progress potential.
The funding financial institution stated it sees Axsome’s (AXSM) risk-adjusted topline rising by 8 to 10 instances in 5 years, with gross sales of its drug Auvelity for main depressive dysfunction reaching $1.45B in 2028.
Needham highlighted the corporate’s drug candidate for Alzheimer’s agitation, AXS-05, calling it de-risked primarily based on constructive Section 3 knowledge. Needham added that it expects an upcoming Section 3 readout will probably be supportive of a submitting.
The financial institution additionally estimates that Axsome’s (AXSM) late-stage drug candidates AXS-12, AXS-07 and AXS-14 “can collectively drive round $1B in gross sales by 2030 with a 60-65% chance of success.”
Needham set its value goal for the inventory at $130.
