Axsome Therapeutics Inc (NASDAQ: AXSM) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced positive data from a clinical trial, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The data;
- what we’re seeing from AXSM stock as a result; and
- what we’ll be watching for ahead.
AXSM Announces Positive Clinical Data
As mentioned above, Axsome Therapeutics is having an incredibly strong start to the trading session this morning after the company announced positive clinical data. In a press release issued this morning, the company announced data from AXS-05, a treatment that is under development as a potential option for depression. In the release, the company said that the treatment met the primary endpoint of significantly improved symptoms of depression in the ASCEND Phase 3 trial.
During the randomized, double-blind, active-controlled trial, AXSM provided AXS-05 to 80 adult patients suffering from major depressive disorder, also known as MDD. The company said that the data showed that the drug demonstrated a highly statistically significant reduction in the Montgomery-Åsberg Depression Rating Scale total score. The treatment not only proved to be supiorior to bupropion for the primary endpoint, but also multiple key secondary endpoints.
In a statement, Herriot Tabuteau, MD, CEO at AXSM, had the following to offe:
The demonstration of a significant and rapid antidepressant effect with AXS-05, coupled with favorable safety, point to a differentiated clinical profile… These data also suggest that AXS-05 has important biological activity and support the continued development of this novel multimodal agent in MDD as well as in other neuropsychiatric indications. These results build on the positive interim futility analyses for the Phase 3 trial of AXS-05 in treatment resistant depression and the Phase 2/3 trial of AXS-05 in Alzheimer’s disease agitation. The topline results of the ongoing Phase 3 trial of AXS-05 in treatment resistant depression, anticipated later this quarter, should add to the body of clinical data with AXS-05 in mood disorders.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Axsome, the news proved to be overwhelmingly positive. After all, the data released today supports the further dovelopment and potential approval of AXS-05. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:43), AXSM is trading at $6.54 per share after a gain of $3.91 per share or 148.58% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on Axsome Therapeutics. In particular, we’re interested in following the continued development of AXS-05 as the treatment seems to be yielding overwhelmingly positive results. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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