Axsome Therapeutics Inc (NASDAQ: AXSM) was a top gainer in Wednesday’s trading session after it closed the day with gains of 10.62%. The stock has been making gains consistently since November, and reflects the positive news that it has made recently.
On the 17th of December, the company announced that it had been selected for addition to the NASDAQ Biotechnology Index. The addition to this index is set to take effect on the 23rd of December 2019. The biotech index is meant to track the performance of biotechnology and biopharma stocks. For a stock to be listed on this index, there are minimums that it must meet in terms of minimum market capitalization, and daily trading volumes.
This was followed by news on the 18th of December that it intends to sell its common stocks, but this was subject to market conditions. The company announced that it will give underwriters a one month option to buy an extra 15% of its shares. All of the shares will be sold by the company. The company also announced that, it will use the money from its public offer to fund its clinical development program for its late-stage product candidate.
Earlier in the month, on the 4th of December, the company announced that its phase 2 study for its pipeline candidate AXS-12 had met its primary endpoints. AXS-12 is a treatment for narcolepsy patients who also have cataplexy, and experience excessive sleepiness. Data from the study showed that, there was a decrease in cataplexy attacks by 48.8% in AXS-12 versus 8.6% in the placebo.
Looking at the charts, AXSM gapped up and traded between a low of $80.61 and a high of $89.64 and closed the day at $89.57.Volumes in the day stood at 2.69 million.
About Axsome Therapeutics Inc
Axsome Therapeutics Inc is a biopharma company that creates novel therapies for the central nervous system. It is headquartered in New York, New York.