Why Axsome Therapeutics (AXSM) Shares Are Trading Higher

Axsome Therapeutics Inc AXSM shares are trading higher by 3.22% to $63.02 Monday morning after the company reported mixed fourth-quarter financial results.

What Happened?

Axsome Therapeutics reported quarterly losses of $1.41 per share which missed the analyst consensus estimate of a loss of $1.14. The company also reported quarterly sales of $24.37 million which beat the analyst consensus estimate of $21.76 million by 12%.

See Also: Why Genprex Shares Are Getting Hammered Today

The company says net sales of Sunosi to Axsome were $19.2 million and $44.8 million for the fourth quarter and full year of 2022 respectively. Axsome began selling Sunosi in the U.S. in May 2022 and in certain international markets in November 2022. Therefore no Sunosi sales were reported by Axsome for the 2021 comparable periods.

Axsome Therapeutics additionally reported xash and cash equivalents totaled $200.8 million at December 31, 2022, compared to $86.5 million at December 31, 2021.

What Else?

"The past year was a landmark for Axsome, which saw us bring our first fully in-house end-to-end developed drug to market, potentially transforming the treatment landscape for depression and providing the potential to improve the lives of millions of patients and their loved ones," said Herriot Tabuteau, MD, Chief Executive Officer of Axsome.

According to data from Benzinga Pro, AXSM has a 52-week high of $8.91 and a 52-week low of $3.52.

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