Axsome Therapeutics falls after Culper discloses short position

Axsome Therapeutics

11/06/2024 19:04

(Updates)
    ** Shares of Axsome Therapeutics  AXSM.O  fall 6.6% to
$67.07
    ** Short-seller Culper Research discloses short position in
drugmaker
    ** Alleges launch of company's major depressive disorder
drug Auvelity "has been aided by undisclosed consignment deals
with dodgy mail-order pharmacies" 
    ** The deals subvert "prior authorizations, inflating script
counts and reported revenues" - Culper Research
    ** Disagrees with Culper's assertions and remains focused on
developing and delivering central nervous system medicines -
Axsome spokesperson said in an emailed response
        
    ** Reuters could not verify the claims raised in the report
  
    ** Auvelity, approved in 2022, generated sales worth $53.4
mln in first quarter of 2024
    ** Stock down about 15%, YTD

 (Reporting by Sriparna Roy and Christy Santhosh in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))