CEO Herriot Tabuteau Sells Over 49,000 Shares in Axsome Therapeutics

Herriot Tabuteau, the Chief Executive Officer of Axsome Therapeutics, Inc. (NASDAQ: AXSM), has sold 49,252 shares of the company’s stock in a transaction on December 2, 2023. The shares were sold at an average price of $144.59, yielding a total of $7,121,346.68. Following this sale, Tabuteau retains ownership of 7,229 shares, which are now valued at approximately $1,045,241.11. This sale reflects a significant reduction in his holdings, amounting to an 87.20% decrease.

The details of the transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), which is publicly accessible. This move has drawn attention amid ongoing evaluations of Axsome Therapeutics’ stock performance.

Stock Performance and Market Response

As of the latest trading session, Axsome Therapeutics’ stock opened at $149.22. The company boasts a market capitalization of $7.52 billion and a price-to-earnings (P/E) ratio of -31.95. The stock has demonstrated volatility, with a 1-year low of $75.56 and a 1-year high reaching $152.94. Currently, the stock is trading above its fifty-day moving average of $134.97 and significantly above the 200-day moving average of $118.80.

Recent reports from Wall Street analysts indicate a bullish outlook on Axsome Therapeutics. Guggenheim updated their target price for the stock from $200.00 to $205.00 and reaffirmed a “buy” rating. Conversely, Weiss Ratings has maintained a “sell (d-)” rating. Other analysts, including those from B. Riley, have assigned a “buy” rating with a price objective of $179.00. The consensus among analysts suggests a “Moderate Buy” rating, with an average target price of $179.88.

Institutional Interest in Axsome Therapeutics

The trading activity around Axsome Therapeutics has attracted significant interest from institutional investors. Various hedge funds have recently adjusted their positions. For example, Caitong International Asset Management Co. Ltd acquired a new stake worth approximately $25,000 in the first quarter. Meanwhile, Versant Capital Management Inc. dramatically increased its holdings by over 20,300% during the third quarter, now owning 204 shares valued at $25,000 after purchasing additional shares.

Other notable transactions include Quantbot Technologies LP and First Horizon Corp, both of which entered new stakes valued at $31,000 and $34,000, respectively. Additionally, Optiver Holding B.V. increased its stake by 82.3%, bringing its total to 288 shares worth $35,000. Currently, institutional investors hold 81.49% of Axsome Therapeutics’ stock.

Axsome Therapeutics is a biopharmaceutical company focused on developing innovative therapies for central nervous system (CNS) disorders. Its product portfolio includes Auvelity (dextromethorphan-bupropion), which is indicated for the treatment of major depressive disorder, and Sunosi (solriamfetol), aimed at treating excessive daytime sleepiness related to narcolepsy and obstructive sleep apnea.

As the market continues to react to these developments, stakeholders will be closely monitoring both the stock’s performance and the ongoing strategic direction of Axsome Therapeutics.