Heres Why Axsome Therapeutics Inc axsm Stock Soared on Wednesday

Here’s Why Axsome Therapeutics, Inc. (AXSM) Stock Soared on Wednesday

Axsome Therapeutics, Inc. (NASDAQ: AXSM) has recently announced its projections for the potential peak sales of its suite of products. In a filing that caught the attention of investors, the company stated that it anticipates generating an impressive $11.5 billion in peak sales within the United States.

This marks the first time that Axsome has provided guidance on its comprehensive range of products. The company’s estimated sales range falls between $5.8 billion and $11.5 billion, surpassing the predictions of industry analysts. Previously, analysts had forecasted a more conservative range of $2.4 billion to $4.5 billion.

Graig Suvannavejh, an analyst at Mizuho Securities, highlighted the significance of Axsome’s optimistic sales projections. He noted that the company’s estimates far exceeded the forecasts provided by industry experts. However, it is important to mention that the analysts’ forecasts did not include estimates for all eight drugs in Axsome’s product lineup.

“We’re pleased that Axsome has finally provided its view of potential peak sales for its products,” Suvannavejh said. “We believe the market may cheer the company’s bullish view of its products.”

Following the news, Axsome Therapeutics’ stock (AXSM) experienced a notable surge in value. On Wednesday, the stock witnessed an impressive 8.1% increase, reaching a price of $80.91.