AXSM Phase 3 readout: a positive outcome, +17.5%

On March 23, 2020, AXS-07 (MoSEIC meloxicam and rizatriptan) — Axsome Therapeutics, Inc. (Migraine) reached its Phase 3 readout. The result was a positive outcome, and the stock moved +17.5% in the window around the event. It had already run -40.3% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.