Why Shares of Axsome Therapeutics Slumped Today

The details: Shares of biopharmaceutical company Axsome Therapeutics (AXSM -5.80%) had declined 6% at 11 a.m. ET today. The slump comes after the company announced the results of a phase 3 trial of solriamfetol (brand name Sunosi) in major depressive disorder (MDD). What the results mean The trial was somewhat complicated, so bear with me. It was a six-week proof-of-concept phase 3 trial for MDD "with and without severe excess daytime sleepiness (EDS)." The primary aim of the trial was to demonstrate signif ...