Axsome Therapeutics Stock Is Moving Lower: What's Going On?

Axsome Therapeutics Inc AXSM shares are trading lower Wednesday after the company proposed a public offering of common stock.

The Details: Axsome said it intends to offer and sell stock in an underwritten public offering. The size and the pricing details of the offering have not been disclosed.

Axsome intends to use the proceeds to advance its late-stage pipeline, including funding existing and potential new clinical programs, products and product candidates, as well as to expand its commercialization efforts.

Axsome is a biopharmaceutical company developing novel therapies for the management of central nervous system disorders.

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AXSM Price Action: Axsome has a 52-week high of $91.29 and a 52-week low of $32.61.

The stock was down 8.86% at $75.99 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.