On Nov. 25, we spoke about Axsome Therapeutics (AXSM). We noted, “Since June, the stock ran from about $25 to a current price of $56, and it could still run – especially with a number of analysts out with bullish notes. Loop Capital, for example, recently initiated a buy rating on the stock, with a $95 price target.” Again, at the time, AXSM traded at $56.
Today, ASXM is up to $74.74, gaining about $18 a share just yesterday.
All thanks to positive Alzheimer’s Agitation study news.
Sticking with the biotech theme, investors may also want to keep an eye on Altimmune Inc. (ALT), a $445 stock with a major catalyst in the new year.
In 2023, the company will release 24-week interim results from its ongoing mid-stage obesity trial with pemvidutide. If successful, it could provide a significant catalyst for the stock. So far, we know “The Phase I clinical trial was successful, leading the company to make high claims about the drug’s potential, saying that it could be as effective as bariatric surgery and that it mimics the effects of diet and exercise,” as no by PharmaLive.com.
In addition, ““Pemvidutide has the potential to achieve weight loss comparable to bariatric surgery. Pemvidutide also has been shown to increase the breakdown of fat and its mobilization within the liver, which may have beneficial effects on insulin resistance, a common problem in people with obesity,” the company said in its announcement.”