2022-11-24 14:45:00

Prediction: This Growth Stock Could Double in 2023

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Nasdaq
By The Motley Fool

Biotech company Axsome Therapeutics (NASDAQ: AXSM) has had a strong -- although somewhat volatile -- year on the stock market. The company's shares have been up about 50% since early January. Axsome has key regulatory developments to thank for that performance.

What's more, the company could encounter even brighter days ahead if things go according to plan. Let's consider why Axsome Therapeutics' stock could crush the market again next year.

Revenue should meaningfully increase

Axsome Therapeutics earned approval for Auvelity in August. Auvelity is a treatment for major depressive disorder (MDD). Naturally, this medicine isn't generating revenue yet, but that should change in the coming quarters as it becomes widely available across the U.S. Auvelity will help Axsome Therapeutics, a clinical-stage company at the beginning of the year, improve its financials.

The therapy comes at a time when mental health illness issues are becoming more prevalent, as is awareness surrounding them. The frequency of anxiety and depression among adults in the U.S. experienced a pandemic boom and peaked between December 2020 and January 2021, according to the U.S. Centers for Disease Control and Prevention (CDC).

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