Axsome Therapeutics Stock Is Up 16% Year to Date. Why Wall Street Thinks It Has Even More Room to Run
The company has also crushed broader equities over the past five years.
Overview
Axsome Therapeutics (NASDAQ: AXSM), a biotech company, has performed fairly well this year. The company's shares are up 16% versus the S&P 500's 11%. Could the stock rise even higher? Wall Street certainly thinks so. Axsome Therapeutics' average price target (according to Yahoo! Finance) of $285.42 implies about a 37% upside from its current level. Let's find out why Wall Street is bullish on the stock and whether it's time to buy it.
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Axsome Therapeutics has made significant clinical and regulatory progress over the past few years. The company earned approval for Auvelity as a treatment for depression, and more recently won a label expansion for the medicine in treating Alzheimer's disease (AD) agitation. Axsome Therapeutics' approved portfolio also includes Symbravo, a migraine therapy, and Sunosi, which treats daytime sleepiness due to narcolepsy. Axsome Therapeutics' sales are growing rapidly. In the second quarter, the company's revenue increased by 46% year over year to $218.4 million. Auvelity is the main growth driver.
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Originally published at www.fool.com.