H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Axsome Therapeutics to $170 from $30 after the company reported that the GEMINI Phase 3 trial of its lead candidate AXS-05 in major depressive disorder met its primary endpoint. The shares closed Monday up 71%, or $33.01, to $79.80. The analyst increased his probability of approval for AXS-05 to 80% from 50% and adding penetration in the major depressive disorder setting to his market forecasts. This, in addition to the inclusion of AXS-12 in a sum-of-the-parts valuation assessment, boosts the 12-month projected valuation of the company to $7.7B from the previous $1.4B, Selvaraju tells investors in a research note. The analyst reiterates a Buy rating on Axsome Therapeutics.