Axsome Therapeutics falls after Culper Research discloses short position

Axsome Therapeutics

11/06/2024 15:08

** Shares of Axsome Therapeutics  AXSM.O  fall 7.47% to
$66.44
    ** Culper Research discloses short position in the drugmaker
    ** Says launch of co's major depressive disorder Auvelity
"has been aided by undisclosed consignment deals with dodgy
mail-order pharmacies that subvert prior authorizations,
inflating script counts and reported revenues"
    ** "This raises anti-kickback concerns, false claims
concerns, and revenue recognition concerns, in our view"- Culper
Research
    ** Axsome did not immediately respond to a Reuters request
for comment
    ** Auvelity, which was approved in 2022, made sales of $53.4
million in Q1 2024
    ** Stock down ~15% YTD

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