Why Axsome Therapeutics Stock Took a Step Backwards This Week

Shares of Axsome Therapeutics (NASDAQ: AXSM) lost 9.75% of their value through Thursday's closing bell this week, according to data from S&P Global Market Intelligence. The good news -- if you can call it that -- is that the biotech's step backwards this week appears to be the result of marketwide headwinds, and not a company-specific event. 

After all, Axsome hasn't released a material update since its third-quarter earnings report roughly three weeks ago. And the biotech equity market experienced a broad-based sell-off this week, thanks to fears over the omicron variant, travel restrictions, and inflationary pressures. 

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Source Fool.com