Why Axsome Therapeutics Stock Is Jumping Today

Shares of Axsome Therapeutics (NASDAQ: AXSM) were jumping 8.4% as of 11:41 a.m. EDT on Monday after rising as much as 16.3% earlier in the day. The nice gain came following the company's announcement that the Food and Drug Administration accepted the New Drug Application (NDA) filing for AXS-05 in treating major depressive disorder. As an added bonus, the FDA granted Priority Review to the regulatory application.

Investors cheered today's news because it means that Axsome jumped a key hurdle in its path to winning FDA approval for AXS-05. The FDA's granting of Priority Review makes the finish line even closer. This designation reduces the agency's review time from 10 months to six months after acceptance of the NDA filing.

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Source Fool.com