Axsome Therapeutics Stock Slides 12% Over 9 Straight Down Days
Axsome Therapeutics (AXSM) stock is on a 9-day losing streak, down 11.8% since the run began. That erased about $1.2 billion from the company’s market value, which now stands at about $9.0 billion. The stock closed at $172.97 on Wednesday, October 7, 32.2% below its 52-week high of $255.17 and 45.8% above its low of $118.64.
AXSM Versus The S&P 500
Returns for AXSM and the S&P 500 over the streak and the periods around it, all ending Wednesday, October 7 and including dividends:
| Return Period | AXSM | S&P 500 |
|---|---|---|
| 1 Day | -0.8% | -0.2% |
| 9 Days (Current Streak) | -11.8% | 1.3% |
| 1 Month (21 Trading Days) | -16.8% | 1.8% |
| 3 Months (63 Trading Days) | -30.5% | 3.7% |
| Year To Date | -5.3% | 15.0% |
| 1 Year (252 Trading Days) | 44.2% | 17.1% |
Is This Move About Axsome Therapeutics Or The Market?
The market explains little of this: the S&P 500 gained 1.3% over the same 9 sessions, including dividends, against Axsome Therapeutics’ -11.8%. Over the past three months the stock is down 30.5%, a window that includes the streak; over the other 54 sessions of that window it was down 21.3%.
Do The Fundamentals Justify The Selling?
On the fundamentals, revenue grew 56.9% over the last twelve months, against a median of 8.1% for S&P 500 Health Care stocks; and its operating margin is -23.5%, versus a median of 17.6%. Axsome Therapeutics does not have positive trailing earnings, so there is no meaningful price-to-earnings multiple to compare. The fundamentals give the sellers some support: an operating loss.
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Falling Prices Test Conviction. Rules Do Not Flinch
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