** Drugmaker Axsome Therapeutics' AXSM.O shares fall 3.1% to $113 premarket
** AXSM says it will narrow the focus of a late-stage study of its depression drug after it did not show statistically significant improvement in the overall group of patients
** However, it helped reduce symptoms in some patients with major depressive disorder who also suffered from excessive daytime sleepiness (EDS), a common symptom of MDD
** AXSM plans to start a larger late-stage study of the drug in MDD patients with EDS this year
** Solriamfetol is already approved in the U.S. to improve wakefulness in adults with excessive sleepiness from sleep disorders, narcolepsy and sleep apnea
** Brokerage Truist Securities says solriamfetol could potentially address the MDD demographic who may be complementary to those addressed by Auvelity, AXSM's FDA-approved treatment for MDD
** As of last close, AXSM has risen 46% in the past 12 months
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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