UBS Initiates Coverage of Axsome Therapeutics

Swiss global financial services company UBS AG has made a bold entrance into coverage of Axsome Therapeutics (NASDAQ:AXSM) with a resounding buy rating, expressing optimism for the impending launch of the company’s revolutionary drug Auvelity and the upcoming late-stage data readouts.

The renowned investment bank released a statement, articulating its belief that Auvelity has the potential to ascend to the status of a “leading brand” in the realm of depression therapy, projecting soaring sales figures of $1 billion by the year 2030. Additionally, UBS highlighted that the positive Phase 3 data for Auvelity in addressing Alzheimer’s agitation, as well as for AXS-12 in the treatment of narcolepsy, are anticipated to be key drivers of stock outperformance.

UBS also made mention of the renewed investor fervor within the central nervous system (CNS) domain, sparked by the recent high-profile deals involving Karuna and Cerevel. The note from UBS stated, “We believe this is a sticky trend that provides a favorable backdrop for the stock.”

The investment bank has established an ambitious price target for Axsome Therapeutics at $111.