Biotech company Axsome Therapeutics Inc (AXSM) has provided an update on AXS-05 for the treatment of depression. The Food and Drug Administration (FDA) notified the company that a review of the depression medication AXS-05 was not completed by its target date of August 22, 2021.
In spite of this, the FDA did not ask Axsome for additional information, which resulted in a positive reaction in the company’s stock price. AXSM stock soared 14.98% to $24.79 on August 23.
Since last year, AXSM stock has fallen -69.57%, while over the past week, it has gained 16.82%.In the last six months, the stock has dropped by -64.55%, and in the last three months, AXSM stock has lost 54.95 percent. Private investors can purchase shares of Axsome Therapeutics Inc (AXSM) on the SPB Exchange.
As of August 9, the FDA informed Axsome that experts had identified deficiencies in AXS-05, which resulted in a 47% decline in the company’s shares. Axsome Therapeutics Inc (AXSM) replied that it would work to eliminate them, but it informed investors that the timing of the drug’s approval could still be shifted.
Furthermore, Axsome Therapeutics Inc (AXSM) informed investors that its development of other drugs is continuing as normal. Axsome Therapeutics Inc (AXSM) has submitted a submission with the FDA seeking approval for AXS-07, a drug that treats migraines, and will start Phase III trials shortly for AXS-12, a drug that treats insomnia.
There is another drug in the company’s arsenal – AXS-14. This medicine is designed to alleviate muscle, tendon, and joint pain caused by fibromyalgia.