TD Cowen Upgrades Axsome Therapeutics PT $300

TD Cowen Upgrades Axsome Therapeutics PT $300

TD Cowen reiterated its conviction on Axsome Therapeutics, a biotechnology company, by naming it among its "Best Smidcap Ideas 2026" and maintaining a "buy" rating. The brokerage raised its price target for the stock to $300, up from the prior target of $275, which implies an upside from the June 16 closing price of $251.91.

The firm highlighted expanding commercial opportunities for the company's product Auvelity, which is being launched for Alzheimer’s disease agitation, and noted continued growth in the major depressive disorder market. TD Cowen also emphasized that the market is underestimating Auvelity’s commercial potential, referencing physician survey data that suggests a large addressable market.

In addition, the brokerage pointed out that several late‑stage pipeline assets targeting narcolepsy, attention‑deficit/hyperactivity disorder (ADHD), binge‑eating disorder, shift‑work disorder, and other central nervous system (CNS) indications are not yet reflected in the current stock valuation, providing further upside potential.