H.C. Wainwright Reaffirms Buy on Axsome (AXSM) Following Generic Challenge to Portfolio

Axsome Therapeutics Inc. (NASDAQ:AXSM) ranks among the best mid-cap stocks with huge upside potential. H.C. Wainwright reaffirmed its Buy rating and $180 price target for Axsome Therapeutics Inc. (NASDAQ:AXSM) on August 22 in response to a generic challenge to the company’s Symbravo medication.

On August 19, Axsome Therapeutics Inc. (NASDAQ:AXSM) stated that it had received a Paragraph IV Certification Notice Letter from Apotex Inc., which had applied with the FDA to produce a generic version of Symbravo. H.C Wainwright states that the pharmaceutical company intends to reply to the notification letter, characterizing this challenge as “normal course of business in the specialty pharmaceuticals arena.”

According to H.C. Wainwright, Symbravo is covered by patent claims that are expected to expire in 2040. In that regard, the firm remains optimistic that the medication would “survive generic challenge until late in the lifespan of issued patents protecting its market exclusivity.”

Axsome Therapeutics Inc. (NASDAQ:AXSM) is a clinical stage biopharmaceutical company that contributes to the creation of novel therapies for disorders of the central nervous system.

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Disclosure: None. This article is originally published at Insider Monkey.