In the highly competitive biotech industry, only a few standout companies attract Wall Street’s attention. Among them, two high-growth biotech stocks, Axsome Therapeutics (AXSM) and Viking Therapeutics (VKTX), have analysts predicting massive upside ahead. These companies not only promise breakthroughs in neuroscience and metabolic disease, but they may also help deliver massive returns to investors who are willing to ride the wave. Let’s find out why Wall Street is so bullish.

Growth Stock #1: Axsome Therapeutics

Valued at $4.9 billion, Axsome Therapeutics is a commercial-stage biotech company focused on developing new treatments for complex central nervous system (CNS) disorders. These include depression, Alzheimer’s disease symptoms, narcolepsy, and other areas where few other companies have succeeded.

Axsome stock has gained 19.3% year-to-date, outperforming the broader market’s 8.5% gain. 

Currently, Axsome has three approved products on the market. The U.S. Food and Drug Administration (FDA) approved Auvelity in 2022 for major depressive disorder (MDD) in adults, and it is unique in that it suppresses hallucinogenic effects while providing antidepressant benefits. The second approved drug is Sunosi (solriamfetol), which Axsome purchased from Jazz Pharmaceuticals (JAZZ) in 2022. It is used for the treatment of excessive daytime sleepiness in adults with narcolepsy or obstructive sleep apnea. The third one is Symbravo (AXS 07), a combination of meloxicam and rizatriptan for the acute treatment of migraine with or without aura in adults, which the FDA approved in January 2025. The drug is now commercially available in the U.S. 

In the first quarter, total net product revenue increased 62% year over year (YoY) to $121.5 million, driven by an 80% increase in Auvelity sales to $96.2 million. Auvelity has also received favorable reimbursement coverage, with over 78% of covered lives having access, showing both its unique mechanism and real-world efficacy. Sunosi also generated net product revenue of $25.2 million, up 17% year on year, with 83% reimbursement coverage. Despite significant revenue growth, the company has yet to report a profit.

Furthermore, Axsome’s pipeline is rich, with multiple programs already in or nearing Phase 3, as well as several FDA-designated Breakthrough Therapies. These include AXS-05 for Alzheimer’s disease agitation and smoking cessation, AXS-12 for narcolepsy, and AXS-14 for fibromyalgia. Axsome is also expanding Auvelity, Sunosi, and Symbravo’s labels into new CNS indications such as ADHD, shift work disorder, binge eating disorder, and depression-related fatigue, all of which could significantly increase its market potential over the next five years, bringing it close to profitability. Analysts predict the company will turn a profit by 2026.

Despite aggressive clinical expansion and commercial build-out, the company’s balance sheet remains robust, with cash and cash equivalents totaling $300.9 million. 

On Wall Street, overall, Axsome stock is a “Strong Buy.” Out of the 19 analysts that cover the stock, 17 rate it a “Strong Buy,” and two say it is a “Moderate Buy.” The average target price of $175.61 is 74.1% above current levels. The high price estimate of $210 implies 108.3% upside over the next 12 months. 

Growth Stock #2: Viking Therapeutics

Valued at $3.9 billion, Viking Therapeutics is a clinical-stage biotech company focused on metabolic and endocrine disorders. Obesity, non-alcoholic steatohepatitis (NASH/MASH), and rare metabolic diseases are among the company’s primary focus areas.

Viking stock has dropped 16.2% year-to-date, compared to the broader market gain. 

The company currently has no commercially approved products, but a few of its candidates are in late-stage clinical trials. VK2735 is a dual GLP-1/GIP receptor agonist available in subcutaneous (Phase 3 trial) and oral (Phase 2 trial) formulations for the treatment of obesity and other metabolic disorders. VK2809, a selective thyroid hormone receptor β agonist, has completed Phase 2b in biopsy-confirmed NASH/fibrosis. Its pipeline also includes VK0214 for X-ALD (a genetic disorder affecting the nervous system and adrenal glands) and an Amylin agonist, which targets obesity.

Viking has also signed a $150 million manufacturing agreement with CordenPharma, which guarantees large-scale production readiness for both oral and injectable VK2735 forms. The agreement solved a significant commercial challenge for the company by supplying up to 100 million autoinjectors and over 1 billion oral tablets annually.

As a clinical-stage company, it generates no revenue. However, Viking’s cash-rich balance sheet, which hovers around $808 million, gives it a runway that extends until late 2026 and reduces immediate dilution risk. Viking is a high-risk, high-reward biotech investment, with a large cash reserve and candidates in the late stages of development.

On Wall Street, overall, Viking stock is a “Strong Buy.” Out of the 18 analysts that cover the stock, 16 rate it a “Strong Buy,” and two rate it a “Hold.” The average target price of $89.18 is 159% above current levels. The high price estimate of $125 implies 263.2% upside over the next 12 months.