On September 12, Axsome Therapeutics rose 6.24% in regular trading, trading at $224.28 per share, with turnover of $107 million. The rally was driven by growing market confidence in the commercial trajectory of Auvelity following its approval for Alzheimer's disease agitation.

RBC Capital Markets noted a statistically robust inflection in Auvelity's new and total prescriptions since the therapy's approval in April for agitation associated with dementia due to Alzheimer's disease. The brokerage estimated approximately 6,300 new prescriptions in Q2, potentially increasing to around 27,600 in Q3. Total prescriptions were projected to reach about 9,200 in Q2 and grow to approximately 37,400 in Q3, with the commercial launch meeting or exceeding Wall Street expectations. RBC estimated Auvelity's full-year revenue opportunity at $804 million, with upside potential to $815 million. Auvelity generated $180.3 million in Q2 net product sales, representing 51% year-over-year growth and beating the Street estimate of $176 million.

Beyond Auvelity, the company's pipeline continues to advance, with FDA acceptance of the AXS-12 NDA for cataplexy in narcolepsy and the launch of the Focus-2 Phase 3 trial for solriamfetol in pediatric ADHD, further broadening Axsome's CNS portfolio.

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