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Why Axsome Therapeutics Stock Rocketed Higher This Week

TheMotleyFool

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Why Axsome Therapeutics Stock Rocketed Higher This WeekPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

Shares of the developmental-stage biotech Axsome Therapeutics (NASDAQ: AXSM) vaulted higher by a healthy 25% through Thursday's close this week, according to data from S&P Global Market Intelligence. The biotech's shares broke their recent downward trend this week for two key reasons:

Image source: Getty Images.

Axsome's shares lost a significant chunk of their value not long ago because the FDA said that it had identified deficiencies in AXS-05's regulatory application. That's understandable given that this kind of regulatory news is generally followed by a Complete Response Letter (a rejection).

Source Fool.com

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