AXSM Phase 3 readout: a positive outcome, +17.1%

On March 20, 2020, AXS-05 — Axsome Therapeutics, Inc. (Agitation in Patients With Dementia of the Alzheimer's Type) reached its Phase 3 readout. The result was a positive outcome, and the stock moved +17.1% in the window around the event. It had already run -51.0% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.