uploads/2019/01/analysis-2030266_640.jpg

Axsome Therapeutics Has Surged Over 200% in the Last Two Days

By

Updated

Share price movements

As of January 8, Axsome Therapeutics (AXSM) is trading at $8.24, 19.87% higher than its previous closing price. The company has a market cap of $208.71 million and can be considered a microcap stock. Biotech stocks with such low market caps are significantly riskier than broader market stocks and large-cap healthcare stocks.

On January 7, Axsome Therapeutics issued a press release announcing positive results from its Phase 2 ASCEND trial, which evaluated the investigational therapy AXS-05 compared to bupropion in major depressive disorder indications. According to the press release, AXS-05 was tolerated well by patients, and there were no serious adverse events reported in patients using the drug in the trial. Following this announcement, the company’s share price rose 161.22% to close at $6.87 on the day.

Axsome Therapeutics closed at $8.01 in the premarket trading session on January 8, up 16.59% from its closing price on January 7.

Based on its closing price on January 7, the company had reported returns of 215.14% in the last week, 114.69% in the last month, and 95.17% in the last quarter. Axsome Therapeutics had also reported returns of 114.69% in the last half year, 23.78% in the last year, and 143.62% year-to-date.

Article continues below advertisement

Analysts’ recommendations and target prices

Analysts’ 12-month consensus recommendation for Axsome Therapeutics as of January 8 is a “strong buy.” The 12-month consensus target price for the company is $24.00, 249.34% higher than its closing price on January 7. The highest target price estimate for the company is $45, and the lowest target price estimate is $15.

Of the four analysts covering Axsome Therapeutics as of January 8, two have given it “strong buys,” and two have given it “buys.”

Advertisement

More From Market Realist