Why Axsome Therapeutics Stock Is Skyrocketing Today
Shares of Axsome Therapeutics (NASDAQ: AXSM) are flying higher on Monday. The company's stock is up 24.7% as of 1:10 p.m. ET, gaining as much as 25% earlier in the day. The move up comes as the S&P 500 (SNPINDEX: ^GSPC) gained 0.6% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 1.1% on the day.Axsome, maker of the antidepressant Auvelity, reached a settlement with fellow drugmaker Teva Pharmaceuticals. The latter, which specializes in generic drugs, had submitted an Abbreviated New Drug Application to the U.S. Food and Drug Administration (FDA) seeking to bring to market a generic version of Auvelity. Axsome sued Teva for violating its Auvelity patent, which had yet to expire.CEO Herriot Tabuteau, MD, stated the resolution "underscores the value of [its] innovation as it relates to Auvelity, and more broadly reflects the strength of Axsome's intellectual property portfolio."Continue reading
Shares of Axsome Therapeutics (NASDAQ: AXSM) are flying higher on Monday. The company's stock is up 24.7% as of 1:10 p.m. ET, gaining as much as 25% earlier in the day. The move up comes as the S&P 500 (SNPINDEX: ^GSPC) gained 0.6% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 1.1% on the day.
Axsome, maker of the antidepressant Auvelity, reached a settlement with fellow drugmaker Teva Pharmaceuticals. The latter, which specializes in generic drugs, had submitted an Abbreviated New Drug Application to the U.S. Food and Drug Administration (FDA) seeking to bring to market a generic version of Auvelity. Axsome sued Teva for violating its Auvelity patent, which had yet to expire.
CEO Herriot Tabuteau, MD, stated the resolution "underscores the value of [its] innovation as it relates to Auvelity, and more broadly reflects the strength of Axsome's intellectual property portfolio."
