Why Axsome Therapeutics Stock Caught Fire in September
Axsome Therapeutics (NASDAQ: AXSM), a clinical-stage biotech, found some form of redemption last month. The drugmaker's shares gained a respectable 18.8% over the course of September, according to data provided by S&P Global Market Intelligence.
Through the first eight months of 2021, Axsome's shares were down by a jaw-dropping 68%. The drugmaker's stock has sold off this year mainly in response to the regulatory delays for its major depressive disorder medication AXS-05.
In early August, the Food and Drug Administration informed the company that the drug's labeling and post-marketing requirements could not be discussed at this time due to deficiencies in the regulatory filing. On Aug. 23, however, the FDA told Axsome it would not meet the drug's scheduled Prescription Drug User Fee Act (PDUFA) target action date previously scheduled for Aug. 22.
Source Fool.com
