H.C. Wainwright analyst Raghuram Selvaraju raised his price target on Axsome Therapeutics (AXSM) shares to $200 from $170 after the company announced that AXS-07 met both regulatory co-primary endpoints and significantly improved migraine pain and most bothersome symptoms as compared to placebo in the Phase 3 MOMENTUM trial.
He thinks the MOMENTUM data substantially increases the probability of approval and success for AXS-07, giving the company "three shots on goal" when paired with AXS-05 for major depressive disorder and AXS-12 for narcolepsy.
Selvaraju keeps a Buy rating on Axsome shares.
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