Axsome Therapeutics Inc. (NASDAQ: AXSM) received FDA clearance for its neurological candidate last week, causing the company’s stock to rise by more than 60% in a few days. On August 26, the AXSM share was valued $67.13 in trade.
Previously, Ffin.Ru discussed the intriguing development of Axsome Therapeutics Inc. (AXSM) named AXS-05, which is now being researched for the treatment of specific types of neurological illnesses.
Despite the normal risks connected with medication development and research, the medicine’s regulatory clearance was very likely. The FDA has now formally approved the use of Auvelity (commercial name AXS-05) to treat major depressive disorder.
Auvelity’s regulatory procedure took more than a year, and several Wall Street investors thought Axsome Therapeutics would be denied.
However, in April 2022, the SEC announced that Axsome Therapeutics Inc. (AXSM) has agreed to a number of new FDA requirements for its medicine AXS-05, which is being readied for approval as a treatment for major depressive disorder. This might indicate that the regulator’s decision favors biotech.
Auvility is planned to be extensively promoted as a rapid-start treatment for people suffering from major depression. Globaldata released a report last week estimating that the drug’s yearly sales will reach $1.3 billion by 2029. Axsome Therapeutics Inc. (AXSM) is specifically testing this medication for effectiveness in the treatment of arousal in Alzheimer’s disease.
Axsome Therapeutics Inc. (NASDAQ: AXSM) shares are up 77.69% year to date (YTD) and are down -3.89% or -$2.72 in the most recent trading session. The stock’s trailing 12-month performance, on the other hand, is roughly 188.61% higher. The stock is up 138.13% in the last six months and 178.20% in the last three months. When we look at the week’s performance, it is up 12.73% and 74.18% over the month.