AXSM - Axsome's New Drug Is Scoring a Win. Is the Stock a Buy?
2023-05-09 15:37:01 ET
Axsome Therapeutics (NASDAQ: AXSM) stood out last year. The biotech began selling its first two products: Sunosi, a sleep disorder drug it acquired from Jazz Pharmaceuticals ; and Auvelity, an antidepressant it developed in house. Thanks to those successes, Axsome shares soared more than 100% in 2022, even amid the broader bear market.
On Thursday, the biotech delivered its first-quarter report, which makes this a good time to check in on how those drugs are doing in the marketplace, and get an idea about their future revenue potential. Auvelity in particular was a winner for the company in Q1. Does this make Axsome a buy right now?
First, a bit of background on Axsome. Its focus is on developing treatments for central nervous system conditions, and it has a pipeline of drug candidates targeting migraine, Alzheimer's disease agitation, and other areas. What I particularly like about Axsome's pipeline is the fact that all of its candidates are already in late-stage development -- in phase 2 or farther along.
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Axsome's New Drug Is Scoring a Win. Is the Stock a Buy?