Stock Alert: Axsome Therapeutics Climbs 9% As Its AXS-05 Gets Breakthrough Therapy Designation

(RTTNews) - Shares of Axsome Therapeutics, Inc. (AXSM) are rising more than 9% Friday morning after the company announced that its drug candidate AXS-05, proposed for the treatment of Alzheimer's disease agitation, got Breakthrough Therapy designation from the FDA.

This is the second Breakthrough Therapy designation granted to Axsome for AXS-05. currently, there is no approved treatment for Alzheimer's disease agitation.

"This marks the second Breakthrough Therapy designation received by Axsome for AXS-05, the first being for the treatment of major depressive disorder, and highlights the potential of AXS-05 to address unmet medical needs in multiple difficult-to-treat CNS disorders," said Herriot Tabuteau, MD, Chief Executive Officer of Axsome.

Axsome stock is currently trading at $83.72. It has traded in the range of $13.64- $109.94 in the past one year.