Axsome Therapeutics Stock Is Up 16% Year to Date. Why Wall Street Thinks It Has Even More Room to Run
Key PointsAxsome Therapeutics is performing well as it continues to expand its approved portfolio.
Axsome Therapeutics (NASDAQ: AXSM) has shown impressive growth this year, with its shares soaring 16% compared to the S&P 500's 11% increase. Analysts are optimistic about the biotech company's potential, with an average price target of $285.42 set by Yahoo! Finance, suggesting a 37% upside from its present valuation.
The positive outlook stems from Axsome Therapeutics' significant clinical and regulatory advancements in recent years. The company secured approval for Auvelity as a treatment for depression and later expanded the medication's usage for managing Alzheimer's disease (AD) agitation. Additionally, Axsome Therapeutics boasts a portfolio of other approved products, including Symbravo for migraine therapy and Sunosi for daytime sleepiness associated with narcolepsy.
The company's revenue has been on a rapid growth trajectory. During the second quarter, Axsome Therapeutics' earnings surged 46% year-over-year, reaching $218.4 million. Auvelity, the primary growth catalyst, drives this upward trend.
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