Axsome Therapeutics Inc (AXSM)

[BillyBahama]

Best Of January: Biotech Stocks That Made Triple-digit Gains

(RTTNews.com) - Historically, biotech stocks have performed reasonably well in the month of January, and this year too, it has been no different. The iShares Nasdaq Biotechnology ETF (IBB) a bellwether of investor sentiment, has so far gained nearly 16%.

Listed below are some of the biotech stocks that made triple-digit gains in January, and their near-term catalysts to watch out for. Please note this list is not exhaustive and includes only the top 6 gainers.

1. Axsome Therapeutics Inc. ( AXSM )

Axsome Therapeutics is a clinical-stage biopharmaceutical company developing novel medicines for the management of central nervous system (CNS) disorders like Alzheimer's, treatment-resistant depression, smoking cessation, migraine, narcolepsy, etc.

The Company, which ended 2018 on a somber note, seems to have started this year in a buoyant mood, with the stock price up over 240% since January.

News that mattered:

On January 7, 2019, the Company announced that its phase II trial of AXS-05 in major depressive disorder, dubbed ASCEND, met the prespecified primary endpoint.

The ASCEND study involved 80 adult patients with confirmed moderate to severe major depressive disorder who were treated either with AXS-05 or the active comparator Bupropion, twice daily for 6 weeks. At Week 6, AXS-05 demonstrated a highly statistically significant reduction of 17.2 points in the Montgomery-Ã…sberg Depression Rating Scale (MADRS) total score compared to a 12.1 point reduction for Bupropion, achieving the primary endpoint.

The news sent the stock up as much as 238% that day to an intraday high of $8.89. The following day, i.e., on January 8, the stock added some more gains to touch an intraday high of $9.16.

Near-term Catalyst:

-- A phase III trial of AXS-05 in patients with treatment-resistant depression, dubbed STRIDE-1, is underway. Top-line data from this study are anticipated later in the first quarter. -- A phase II study of AXS-05 for smoking cessation treatment is also ongoing- with top-line results expected in the first quarter of 2019. -- Initiation of a planned phase III trial of AXS-07 in patients with migraine is expected in the first quarter of 2019. -- A phase II trial of AXS-12 in narcolepsy, dubbed CONCERT, was recently initiated, and top-line results from this trial are expected in the second quarter of 2019.

AXSM closed Friday's (Feb.1, 2019) trading at $9.22, and that reflects a gain of 228% since January.

https://www.nasdaq.com/article/best-of-january-biotech-stocks-that-made-tripledigit-gains-20190204-00142