Some stocks soar overnight. But in most cases, you'll have a better chance of winning in the stock market if you buy and hold on for at least five years. This generally allows you to benefit from a company's development and earnings growth -- or in the case of a young company, that first wave of revenue.

This is what happened for most early investors in Axsome Therapeutics (AXSM -3.60%). The company last year brought its first two products to market. If you'd invested $5,000 in the biotech five years ago, you would have watched this exciting story unfold. Let's check out exactly how much you would have made on the investment -- and if there's potentially more to gain with this stock.

An amazing performance

Axsome Therapeutics shares have had their ups and downs over the past five years. But they've still climbed a whopping 2,759%. If you'd invested $5,000 back then, today your investment would be worth $142,950. That's an amazing performance. You may be wondering if you should reduce or sell off your position and lock in those gains right now.

Of course, the final decision on that depends on many factors: your appetite for risk, your general portfolio strategy, or whether you need to reinforce your opportunity fund to buy other stocks. For example, if you're interested in favoring dividend stocks and need some cash to invest, you might consider cutting your position in Axsome or others you've held for a while.

That said, the Axsome growth story -- and share-performance potential -- is probably far from over. This stock could climb much higher over time. Wall Street even expects it to increase 47% over the coming 12 months.

What's the reason for the optimism? As mentioned above, Axsome is just getting started as a commercial-stage company. And its first two products have blockbuster potential. The company and analysts have forecast peak revenue of more than $1 billion for sleep disorder drug Sunosi and for antidepressant Auvelity. 

Axsome launched Sunosi a year ago after acquiring it from Jazz Pharmaceuticals. In the most recent quarter, total prescriptions climbed 11%,  and over the full year they rose 21%. Axsome also just licensed the drug to Pharmanovia for commercial rights in Europe and certain Middle Eastern and North African countries. The deal gives Axsome $66 million up front, with potential milestone and royalty payments.

As for Auvelity, Axsome launched the drug in October and reports strong early prescription trends. Auvelity could stand out among other antidepressants because it's fast acting , and it isn't linked to the common antidepressant side effect of weight gain.

More catalysts ahead

Potential sales growth of these two drugs could serve as catalysts for the share price in the coming months and years. But there's a lot more to the Axsome story. Over the next year or so, Axsome expects data reports from four late-stage clinical trials. And that should lead to the filing of approval for four more potential products.

Meanwhile, later this year Axsome aims to resubmit its migraine-treatment candidate to the U.S. Food and Drug Administration. That's after addressing questions regarding chemistry, manufacturing, and controls. These issues are easier to fix than anything regarding efficacy or safety. So, there's reason to be optimistic about the candidate's chances during its regulatory review.

What does all of this mean for you as an investor? Yes, Axsome has gained over the past five years. And it advanced in the short term, beating last year's bear market. But the stock's potential is far from over. That's thanks to promising new products on the market and an advanced-stage pipeline that could lead to more.

That's why, today, there are plenty of reasons to hang on to Axsome shares -- even if you already won big.