Why Is Axsome Therapeutics (AXSM) Stock Up 32% Today?
Axsome Therapeutics (NASDAQ:AXSM) stock is soaring higher on Monday after releasing positive results from a Phase 3 clinical trial.
That Phase 3 clinical trial covers Alzheimer’s Disease drug candidate AXS-05. The results from the study saw AXS-05 meet its primary endpoint as well as key secondary endpoints. These include delaying relapse time and preventing relapse of agitation in patients.
Axsome Therapeutics is aiming to treat Alzheimer’s Disease agitation with AXS-05. The drug has Breakthrough status from the U.S. Food and Drug Administration (FDA) and there currently aren’t any FDA-approved treatments for Alzheimer’s Disease agitation.
Jeffrey Cummings, MD, said the following about the clinical trial results:
“The results of the ACCORD trial demonstrate convincing clinical activity for AXS-05 on agitation associated with Alzheimer’s disease based on both a significant delay in symptom relapse as well as a reduction of relapse compared to placebo. Treatment with AXS-05 during the open-label period in a large cohort of patients resulted in rapid and clinically meaningful improvements in Alzheimer’s disease agitation.”
AXSM Stock Investors Are Celebrating the News
With this trial news comes heavy trading of ASXM stock today. As of this writing, more than 7 million shares of the stock have changed hands. That’s a massive leap over the daily average trading volume of about 1.3 million shares.
AXSM stock is up 31.7% as of Monday afternoon. It’s also up 98.1% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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