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Fly News Breaks for December 16, 2019
Dec 16, 2019 | 11:48 EDT
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.
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