These two clinical-stage biotechs have major upcoming catalysts that could catapult their shares higher.
In a somewhat counterintuitive development, shares of Axsome Therapeutics (NASDAQ: AXSM) rose on Thursday even though the company pointed out several issues in the development of one of its drugs. Following the company's latest update on the affected program, one analyst reiterated his bullish outlook on the shares, and they rose by 5.5%. In a regulatory filing, Axsome said it provided an official response to the Food and Drug Administration (FDA) regarding the pending New Drug Application (NDA) its AXS-05 drug candidate.
Shares of clinical-stage biotech companies can skyrocket in a short period based on positive clinical and regulatory news. With that said, let's look at two clinical-stage biotechs that currently boast significant upside potential if we go by average price targets assigned by Wall Street analysts: CRISPR Therapeutics (NASDAQ: CRSP) and Axsome Therapeutics (NASDAQ: AXSM).