Axsome's Growth: Focus on Auvelity and Strong Market Position
Positive Outlook for Axsome Therapeutics
Mizuho Securities is holding firm in its positive perspective on Axsome Therapeutics (NASDAQ: AXSM), reiterating an Outperform rating and a target price of $106.00 for the stock. This endorsement stems from impressive new prescription data for Auvelity, which indicates growing acceptance of the medication.
Prescription Growth for Auvelity
The latest report reveals that the week ending with Friday experienced a substantial increase in new prescriptions for Auvelity, with 6,125 NRxs logged, which is a remarkable 20% rise from the previous week. Total prescriptions also saw improvement, jumping to 10,387, marking a 16% increase. This growth comes as Auvelity approaches the 100th week since its launch, demonstrating a strong trajectory in performance.
Continued Momentum Against Market Challenges
Last week, data had shown 5,083 new prescriptions and a total of 8,936 for Auvelity, indicating a solid upward trend despite the challenges presented by restricted data access from Bloomberg Symphony. The financial sector's access to Symphony has been halted due to a block from a data supplier, prompting a suspension of its services.
Stellar Pipeline Developments
Axsome Therapeutics is also progressing well in its drug development pipeline. Recently, the U.S. Food and Drug Administration accepted the resubmission of the New Drug Application for AXS-07, a promising candidate for acute migraines, with a decision expected by January 31, 2025. Furthermore, industry analysts predict potential sales for AXS-07 could reach about $79 million in 2025, showcasing optimism surrounding the product.
Confidence in Clinical Trials
Financial firm TD Cowen has also retained a Buy rating on Axsome shares, expressing assurance in the company's advancements, particularly concerning Phase III clinical trials for AXS-05, aimed at addressing Alzheimer's agitation. The commercial strategy surrounding Auvelity is also gaining traction, evidenced by approximately $254 million in sales since its release.
Analyst Consensus and Market Position
Multiple financial institutions, including Mizuho Securities, BofA Securities, and Wells Fargo, are optimistic about Axsome Therapeutics. They underline the company's effective defenses against generic competitors for its products, Auvelity and Sunosi, alongside the optimism regarding AXS-05’s potential in treating Alzheimer's disease agitation.
Understanding Financial Metrics
Mizuho's enduring confidence reflects a deep analysis of the latest prescription data, indicating rising acceptance of Auvelity. As noted, the financial community remains cautious yet hopeful, given the excellent gross profit margin of 90.3% reported as of Q2 2024, showcasing operational efficiency.
InvestingPro Perspective
Recent insights from InvestingPro add valuable context for investors contemplating Axsome's stock. Despite past challenges in profitability, the company's liquid assets exceed short-term liabilities, suggesting a degree of stability in the near future.
Analyzing Stock Performance
Additionally, Axsome's stock has realized a robust return over the past quarter, boasting a 25.46% price total return, paralleling the positive prescription trajectory of Auvelity. The current market cap stands at $4.6 billion, establishing Axsome’s substantial presence in its sector. At a Price/Book multiple of 44.73, the market is demonstrating strong interest, trading near its 52-week high.
Frequently Asked Questions
What is the current stock target for Axsome Therapeutics?
The current stock target for Axsome is set at $106.00 by Mizuho Securities.
How has Auvelity performed in terms of prescriptions?
Auvelity has seen significant growth, with new prescriptions increasing by 20% week-over-week recently.
What is the market cap of Axsome Therapeutics?
As of now, Axsome Therapeutics has a market cap of $4.6 billion.
What upcoming decisions are expected for Axsome's drug candidates?
The FDA is expected to make a decision regarding AXS-07 by January 31, 2025.
How do analysts view Axsome's future?
Analysts from various firms express a positive outlook for Axsome, highlighting the company's solid product defenses and promising drug developments.
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