Why Axsome Therapeutics Stock Is Sinking Today
Shares of Axsome Therapeutics (NASDAQ: AXSM) were sinking 9.6% lower as of 11:56 a.m. EDT on Monday. The decline appears to be due to traders taking profits off the table after Axsome's shares jumped last week on news that the Food and Drug Administration granted Breakthrough Therapy designation for the company's drug AXS-05 in treating Alzheimer's disease agitation.
It's not uncommon for traders to buy and sell biotech stocks in attempts to make quick profits. Even investors with long-term perspectives will at times sell some of their shares after nice jumps to lock in profits. These actions create pressure that can cause stocks to fall.
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Source Fool.com
