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Fly News Breaks for May 28, 2019
May 28, 2019 | 07:14 EDT
SunTrust analyst Joon Lee initiated Axsome Therapeutics with a Buy rating and a price target of $50, saying that although the stock has multiplied about 10-times year-to-date, it remains "significantly undervalued". The analyst cites the company's AXS-05 lead asset having been "de-risked" by the incoming data and is positive on its opportunity in Major Depressive Disorder, Treatment Resistant Depression, and Alzheimer's Disease Agitation. For the latter, Lee says AXS-05 has the potential to be a "best-in-class drug", while also taking large market share in the other two conditions if approved. The analyst adds that the upcoming 5 mid-to-late stage clinical readouts over the next 12-18 months should generate more shareholder value for Axsome Therapeutics.
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