Axsome Therapeutics

AXSM · NASDAQ

$159.58+$3.77 (+2.42%)TodayMarket closed · Oct 20, 7:46 PM ET

Prev close $155.81

AXSM analyst rating

BuyConsensus of 17 analysts over the last 12 months. 94% rate it a buy.

Strong buy0
Buy16
Hold1
Underperform0
Sell0

12-month price target · 23 analysts

Average $288.17 (+80.6% upside)

Low: $248.46
Now: $159.58
High: $399.00

Upgrades and downgrades

The latest rating actions, newest first

AXSM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Oct 8, 2026	Maintains	Outperform	$297.00 → $295.00	49%
Deutsche Bank	Sep 29, 2026	Maintains	Buy	$280.00 → $267.00	45%
Morgan Stanley	Sep 25, 2026	Maintains	Equal-Weight	$251.00 → $247.00	47%
Truist Securities	Sep 23, 2026	Maintains	Buy	$200.00 → $285.00	51%
Piper Sandler	Sep 18, 2026	Maintains	Overweight	$258.00	68%
HC Wainwright & Co.	Aug 31, 2026	Maintains	Buy	$290.00	43%
Mizuho	Aug 12, 2026	Maintains	Outperform	$306.00 → $316.00	54%
Morgan Stanley	Aug 11, 2026	Maintains	Equal-Weight	$242.00 → $251.00	47%
RBC Capital	Aug 11, 2026	Maintains	Outperform	$304.00 → $297.00	49%
Guggenheim	Aug 11, 2026	Maintains	Buy	$260.00 → $275.00	49%

The case for and against

Updated Oct 14, 2026

Bull case

Axsome Therapeutics is supported by accelerating Auvelity adoption, with 2Q26 net product revenue up 46% year over year to $180.3 million and prescriptions up 34%, while expanded access in MDD and Alzheimer’s disease agitation broadens its addressable market. Its outlook is strengthened by a clinically derisked pipeline built largely on known molecules and reformulations, including AXS-12, AXS-14, and AXS-05 smoking cessation, which lowers development risk and leverages existing sales, manufacturing, and payer infrastructure for better margin potential. Management and analysts also see multiple readouts over the next 12-18 months, cash flow positivity approaching in 2027E, and sustained share gains as coverage improves and new-to-brand scripts continue to accelerate.

Bear case

Axsome Therapeutics is a high-risk CNS biopharma story whose revenue remains overwhelmingly dependent on Auvelity, creating concentration risk that leaves the company exposed if commercial adoption in ADA underperforms or if cheap generics and new entrants cap uptake. Growth is already showing signs of deceleration, with MDD script growth slowing from 46% in 3Q25 to 34% in 2Q26, while prescriber breadth may be nearing saturation at about 69,000 prescribers, making future gains increasingly reliant on harder-to-sustain depth, persistence, and LTC execution. The outlook is also pressured by GTN erosion, possible Medicare Part D IRA exposure starting in 2032, and financing/dilution risk, while other assets like Symbravo still face heavy competition and have only about $10-20M in current annual sales.

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