Axsome Therapeutics - A Pennant Primed to RiseAxsome - NASDAQ:AXSM
✅In position since Feb 2023 with average price $50.00 per share. This is a long term 3 - 5 year hold.
✅ Current unrealized gain at 75%
✅ Stop Loss set at $63.80 for 50% of the position to ensure short term gain capture
⏳We awaiting increasing levels of volume (see the green zone). Volume moving into this zone would be ideal and demonstrate increased interest
⏳The On Balance Volume (OBV) has demonstrated that is consolidates in parallel channels and when it breaks out of them it signals price direction. We can watch the OBV for direction
The chart still looks great and we are sitting in a nice profit position with short term profits guaranteed by a stop. The OBV will be key to watch. I still think this company is ripe for a buy out.
Background of Axsome Therapeutics
AXSM are a Small Bio-Pharma company with market cap of $4.24 Billon.
In August 2022 Auvelity Anti-Depressants was FDA approved & is the only rapid-acting oral medicine for MDD with labelling describing statistically significant antidepressant efficacy by one week.
AXSM received Breakthrough Therapy designation from the FDA for an Alzheimer's disease drug development and are at the NDA phase for developing a drug for acute treatment of migraine.
AXSM are also developing a treatment for narcolepsy and separately for fibromyalgia.
All in, AXSM's offerings are building momentum. They have developed the fastest acting anti-depressant drug and are bringing it to market, and have a four other drugs in development, all of which have a large patient base. The company would be ripe for a buyout.
PUKA
