Axsome Stock Hits New High After FDA Nod

The shares hit an all-time high earlier today

Digital Content Manager
Mar 27, 2019 at 10:02 AM
    facebook twitter linkedin


    Biopharmaceutical concern Axsome Therapeutics Inc (NASDAQ:AXSM) is hot today, on news the U.S. Food and Drug Administration (FDA) gave the company's AXS-05 major depressive disorder (MDD) treatment "breakthrough therapy" status. The designation was sparked by the treatment's successful Phase 2 ASCEND study results.

    Now up 484.3% year-to-date, AXSM stock has been soaring since that positive drug data sent the shares up 161.2% on Jan. 7. While the equity briefly pulled back to its 40-day moving average in late February, it has since more than doubled. What's more, Axsome stock just hit a new all-time high of $16.80 earlier, last seen up 9.2% at $15.66. 

    Analysts are resoundingly optimistic on ASXM. Currently, the stock holds three "strong buy" ratings. Plus, the consensus 12-month target price of $27 is at a 72.4% premium to current levels.

    Short sellers, on the other hand, have ramped up their bearish exposure to the equity. Short interest rose 40.5% in the last two reporting periods, and now represents 15.2% of the stock's available float. It would take almost a week to buy back these pessimistic positions at AXSM's daily trading volume, leaving plenty of room for a short squeeze. 

     

     

     

     

    Minimize Risk While Maximizing Profits

    There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

     

    300x250 - Banner 3 - v1