Axsome Therapeutics' stock price rose significantly on Friday, September 11. Record-high weekly prescriptions for the drug Auvelity drove the market gains.
Prescription data showed a surge in both new and total orders following the recent FDA approval for Alzheimer’s-related agitation. Analysts cited the rapid uptake as a signal of the company's future commercial growth.
Management previously estimated peak annual sales for Auvelity could reach $8 billion. This revenue forecast is split between treatments for depression and Alzheimer’s agitation.
Mizuho analyst Graig Suvannavejh characterized the August prescription data as a strong start for the drug’s new indication.