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>>> AXSM Stock Gets Huge Price Target Increase From Guggenheim


DECEMBER 16, 2019

BY LANCE JEPSEN


https://www.guerillastocktrading.com/stock-trading/axsm-stock-gets-huge-price-target-increase-from-guggenheim/


Guggenheim analyst Yatin Suneja raised Buy rated Axsome Therapeutics’ price target to $158 from $65 after the company announced positive topline Phase 3 GEMINI data for AXS-05 in major depressive disorder.

Cantor Fitzgerald analyst Charles Duncan raised his price target for Axsome Therapeutics to $104 from $55 after the company announced positive topline Phase 3 GEMINI data for AXS-05 in major depressive disorder. The stock in midday trading is up 74%, or $34.39, to $81.18. The placebo-adjusted effects, speed of onset, durable and deepening effect over time, and responder rates for GEMINI establishes AXS-05 as a potential new standard of care, Duncan tells investors in a research note. The analyst now anticipates a New Drug Application filing in the second half of 2020 with potential U.S. approval/launch in late 2021. He reiterates an Overweight rating on Axsome shares.

The performance of Axsome Therapeutics’ AXS-05 in the Phase 3 GEMINI study was “remarkably consistent” with the positive and pivotal Phase II ASCEND trial from both a Montgomery-Asberg Depression Rating Scale improvement and remission perspective, William Blair analyst Myles Minter tells investors in a research note. Today’s data is “transformational” for the company, enabling a New Drug Application submission in the second half of 2020 for AXS-05 in major depressive disorder pending positive long-term open label safety data, says the analyst. He estimates peak sales of beyond $900M in the U.S. alone with market entry early 2022. Minter, who increased his probability of success for the drug to 90%, believes Axsome is a “strong takeout candidate.” He sees a takeout value in the range of $120 to beyond $140 per share and calls Axsome his top pick for 2020. The stock in morning trading is up 64%, or $29.85, to $76.64.

Shares of Axsome Therapeutics are soaring after the company announced that AXS-05, its oral NMDA receptor antagonist met the primary endpoint and improved symptoms of depression in the GEMINI Phase 3 trial in major depressive disorder. AXS-05 met the primary endpoint by demonstrating a statistically significant reduction in the Montgomery-Asberg Depression Rating Scale total score compared to placebo at week six, with mean reductions from baseline of 16.6 points for AXS-05 and 11.9 points for placebo. Rates of remission from depression were statistically significantly greater for AXS-05 compared to placebo at week two and at every time point thereafter, being achieved by 39.5% of AXS-05 patients compared to 17.3% of placebo patients at week six, Axsome added. The company believes the positive results of the GEMINI trial, along with the previously completed ASCEND trial of AXS-05 in major depressive disorder, are sufficient to support submission of a New Drug Application for AXS-05 for the treatment of MDD. Axsome plans to file the NDA in the second half of 2020. Shares of Axsome are up 83%, or $38.81, to $85.60 in premarket trading.

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