RBC Capital reiterated an Outperform rating for Axsome Therapeutics (NASDAQ: AXSM) and assigned a $219.00 price target, citing significant upside tied to the company’s AXS-05 candidate and its potential role in treating Agitation in Alzheimer’s Disease (ADA).
In its analysis, RBC examined prescription trends for a comparator product, Rexulti, to frame the commercial landscape for ADA. The firm stated that AXS-05 appears to offer a preferable combination of safety and efficacy, and that view underpins RBC’s confidence in a robust product launch if the drug secures ADA approval.
RBC quantified the market opportunity by projecting peak sales of at least $1.4 billion for AXS-05. The firm further estimated that AXSM shares could trade above $200 in the event of ADA approval, with additional upside expected as the commercial rollout advances.
Beyond AXS-05, RBC highlighted Axsome’s late-stage and commercial portfolio as underappreciated by investors. The firm listed Sunosi, Symbravo, AXS-12, and AXS-14 as material pipeline and commercial assets and characterized them as, in their view, "largely a free call option."
Axsome’s recent financial communication played a role in shifting sentiment among other brokerages. The company reported preliminary unaudited results projecting approximately $196 million in total product revenue for the fourth quarter of 2025, representing a 65% increase versus the same quarter in 2024.
Following that release, H.C. Wainwright raised its price target to $260 and kept a Buy rating in place. Baird moved its price target to $209, citing strong sales across Axsome’s commercial products, notably Auvelity and Sunosi. Piper Sandler raised its target to $223 after meetings with Axsome senior management, emphasizing Auvelity’s commercial potential in treating Alzheimer’s-related agitation. Cantor Fitzgerald reiterated an Overweight rating and set a $153 price target, pointing to the company’s strategic execution plans and financial stability.
On the clinical development front, Axsome has initiated a Phase 3 program for AXS-14 targeting fibromyalgia. The company said the first patient has been dosed in the FORWARD trial, which is designed as a double-blind, placebo-controlled study to evaluate the efficacy of esreboxetine.
Collectively, the analyst commentary and the company’s preliminary financials underscore heightened market attention on Axsome’s near-term commercial execution and the regulatory path for AXS-05. RBC’s Outperform stance and other brokers’ upward price target revisions reflect a more bullish consensus among several firms, while the company’s ongoing trials and multiple marketed products remain focal points for investors.