Guggenheim's New Price Target#
Guggenheim has raised its price target for Axsome Therapeutics (NASDAQ:AXSM) shares from $245 to $260, while maintaining a Buy rating. This change comes as the stock has seen an impressive 84% increase over the past year and is trading close to its 52-week high, with a market capitalization of $11.69 billion.
Strong Sales Performance#
The firm highlighted strong first-quarter results for 2026, with Auvelity sales reaching $153.2 million, marking a 59% increase compared to the same period last year. The number of prescriptions for Auvelity also grew, reaching approximately 223,000, a 35% year-over-year rise. To support this growth, Axsome has expanded its sales team to about 630 representatives, focusing on major depressive disorder and preparing for the full launch of Auvelity for agitation related to Alzheimer’s disease, set for June 2026.
Other Drug Developments#
In addition to Auvelity, Axsome's other products are also performing well. Sunosi generated $33.9 million in sales, a 34% increase year-over-year, and is involved in several clinical trials, including a Phase III trial for major depressive disorder. Symbravo has produced $4.1 million in sales, with a notable increase in prescriptions as the sales force grows from 100 to 150 representatives.
Financial Outlook#
Despite a recent earnings report that fell short of analyst expectations—posting an earnings per share (EPS) of -$1.26 against a forecast of -$0.83—Axsome reported a 57% year-over-year revenue increase, totaling $191.2 million. Guggenheim believes the company has enough capital to sustain operations until it reaches positive cash flow. Meanwhile, TD Cowen has also raised its price target for Axsome from $255 to $275, reflecting ongoing strategic developments and product approvals that could impact investor sentiment.