Oppenheimer Raises Axsome Therapeutics Target as Auvelity Sales Surpass Estimates

Oppenheimer has increased its price target for Axsome Therapeutics to $280 from $250, maintaining an Outperform rating on the stock. The upward revision follows a robust performance by the drug Auvelity, which recorded Q1 2026 sales of $153.2 million, significantly beating consensus estimates. Consequently, the firm has doubled its total peak sales guidance for Auvelity to approximately $8 billion, up from the previous $4 billion forecast. Analysts pointed to the strategic expansion of the salesforce for major depressive disorder and dementia-related agitation as key growth drivers. While recent earnings per share figures showed some volatility, the massive upgrade in peak sales potential serves as a major bullish catalyst. This move underscores growing confidence in Axsome's commercial execution and its long-term market position in the CNS therapeutic space.