Why Axsome Therapeutics Topped the Market Today
Axsome Therapeutics (NASDAQ: AXSM) investors seem to be a hardy bunch, as they didn't let a mixed quarter dissuade them from trading up the company's stock. On a day when the S&P 500 index dipped a bit, Axsome's share price enjoyed a healthy rise of over 3% thanks to that quarter's results.
In what was clearly a glass-half-full situation for those investors, Axsome delivered a convincing earnings beat in its second-quarter results, but recorded a bottom-line miss.
Thanks to its recently acquired Sunosi, net product sales for the formerly pre-revenue Axsome tallied over $8.8 million for the quarter, up from nothing in the same frame one year ago. Expenses related to product sales, a non-existent line item for the company at this time last year, were nearly $1 million. This contributed to a deepened net loss of over $41 million ($1.06 per share), against Q2 2021's $32 million-plus shortfall.
Source Fool.com
