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Why Shares of Axsome Therapeutics Are Falling Today

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Why Shares of Axsome Therapeutics Are Falling TodayPhoto, wide shot, wide-angle lens, Convenience store, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.midjourneyapi.xyz/temp/35bdb659-cf5a-466a-95a9-428a230a2d2e.png

Shares of Axsome Therapeutics (NASDAQ: AXSM) are down more than 10% in late-afternoon trading after the Food and Drug Administration (FDA) pulled the breakthrough therapy designation of its AXS-12 drug.

The drug -- designed to treat cataplexy, the sudden loss of muscle control in narcolepsy patients -- was originally granted the designation in August of last year. The label allows for the expedited review of a promising new medicine. The decision to rescind it was due to the approval of another drug from Harmony Biosciences (NASDAQ: HRMY) for the same condition.

Image source: Getty Images.

Source Fool.com

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