Stock Alert: Axsome Therapeutics Up 25% As Alzheimer's Drug Achieves Main Goal

(RTTNews) - Shares of Axsome Therapeutics, Inc. (AXSM) surged over 25% on Monday morning after the clinical-stage biopharmaceutical company's lead investigational drug for Alzheimer's disease agitation achieved positive results in a study.

AXSM is currently trading at $96.89, up $20.49 or 26.82%, on the Nasdaq.

Axsome Therapeutics announced that its investigational drug AXS-05 met the primary endpoint in the Phase 2/3 trial. The drug rapidly, substantially, and significantly improved agitation in patients with Alzheimer's disease as compared to placebo.

The study conducted on 366 Alzheimer's disease patients.

There are currently no FDA-approved treatments for Alzheimer's disease agitation. Alzheimer's disease is the most common form of dementia and is characterized by cognitive decline, and behavioral and psychological symptoms including agitation. Agitation is observed in up to 70% of patients with Alzheimer's disease.

AXS-05 has been granted FDA Fast Track designation for the treatment of Alzheimer's disease agitation.