Why Shares of Axsome Therapeutics Are Down Friday
Friday continued what has been a bad week for Axsome Therapeutics (NASDAQ: AXSM) investors. The biotech company's stock closed at $24.31 on Thursday, opened at $24.04 on Friday and continued to slide, falling to a low of $22.58 in the early afternoon. It's part of a longer trend for the company, which specializes in finding treatments for central nervous system disorders. As recently as Aug. 6, it was trading at $51.16.
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Axsome's lead drug candidate may have hit a road bump on its way to getting approved by the Food and Drug Administration. On Aug. 9, in the company's second-quarter report, it said that the FDA had found deficiencies with the New Drug Application (NDA) for AXS-05 for the treatment of major depressive disorder.
Source Fool.com
