Axsome Therapeutics shares tumbled 5.99% in pre-market trading on Monday after the company reported second-quarter results that fell short of Wall Street expectations.

The company posted a loss of $(0.99) per share, missing the analyst consensus estimate of $(0.83) per share. Revenue for the quarter was $218.4 million, which also came in below the estimated $221.2 million. The larger-than-expected loss and revenue miss prompted investors to sell off the stock in early trading.

The decline reflects market disappointment with the financial performance, as the biopharmaceutical company's results failed to meet the lowered bar set by analysts for the quarter.