Why Axsome Therapeutics Stock Rose Today
Shares of Axsome Therapeutics (NASDAQ: AXSM) -- a clinical-stage biotech -- rose sharply on Monday and closed the day's trading session up by 4.8%, following the company's release of its second-quarter financial results. The most important part of Axsome's quarterly update was encouraging news regarding two of its leading pipeline candidates.
Axsome's AXS-05 is a potential treatment for several conditions, including major depressive disorder (MDD) and Alzheimer's disease (AD). The company is gearing up to submit AXS-05 to the U.S. Food and Drug Administration (FDA) for the treatment of MDD, and management thinks it will be able to do so in the fourth quarter of 2020. Note that the FDA granted AXS-05 the breakthrough therapy and fast track designations for the treatment of MDD. Also, Axsome is on track to submit AXS-07, a drug for the acute treatment of migraine, in the fourth quarter.
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Source Fool.com
