Why Axsome Therapeutics Stock Slipped Today
As a stock smack dab in the midst of the ever up-and-down biotech sector, Axsome Therapeutics (NASDAQ: AXSM) has certainly had some good trading days. Alas, Monday wasn't one of them, as investors traded the company's shares down modestly. This was on the back of the company's latest quarterly earnings release.
For its third quarter, Axsome's total revenue came in at $16.8 million, up from zero in the same quarter last year.
The dramatic change came from the approval and commercialization of Sunosi, a drug that treats the effects of excessive daytime sleepiness (EDS) in patients suffering from narolepsy or obstructive sleep apnea. The biotech bought the global commercialization and intellectual property rights to the drug earlier this year from Jazz Pharmaceuticals, forking over an upfront payment of $53 million for the privilege.
Source Fool.com
