On August 10, Axsome Therapeutics rose 5.01% in regular trading, trading at $223.4/share, with turnover of $200 million. The stock had fallen over 8% in pre-market trading after reporting Q2 results that missed consensus estimates, but swiftly recovered during the regular session.

The company reported Q2 GAAP loss of $0.99 per share, missing the analyst consensus estimate of $0.83-$0.89. Revenue came in at $218.4 million, falling short of the $221.1 million estimate by approximately $3.4 million. However, investors appeared to refocus on the strong underlying growth trajectory: total net product revenue grew 46% year-over-year, with flagship product AUVELITY generating $180.3 million in net sales, representing 51% year-over-year growth. The robust commercial momentum of the core CNS portfolio, combined with pipeline catalysts including FDA acceptance of the AXS-12 NDA for cataplexy in narcolepsy with a May 2027 PDUFA date, helped drive the intraday reversal.

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