Axsome Shows Valuation Disconnect Ahead of Q3, RBC Says

11:10 AM EDT, 10/14/2026 (MT Newswires) -- Axsome Therapeutics (AXSM) shares are undervalued after a recent pullback tied to weaker prescription trends, creating a buying opportunity ahead of Q3 results on Nov. 2, RBC said in a report Wednesday. The note said the stock is now trading at some 15% lower than before the company secured approval of Auvelity for agitation associated with dementia due to Alzheimer's disease in April. "We think the stock is fundamentally dislocated from fair value, and there could be upside from 3Q26 earnings," the report said. The report said recent Auvelity prescription trends are more likely the result of seasonal effects and sampling dynamics rather than a sign of launch weakness. "With shares now at ~$155 given the recent pullback and lower expectations going into the quarter which we think are beatable, we would be buyers at these levels," the note said. RBC kept its outperform rating with a price target of $295. Price: 161.88, Change: +5.56, Percent Change: +3.56