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

Axsome Therapeutics, Inc. has announced that its CEO, Herriot Tabuteau, sold 49,252 shares of the company’s stock on December 2, 2023. The shares were sold at an average price of $144.59, resulting in a total transaction value of $7,121,346.68. Following this sale, Tabuteau retains ownership of 7,229 shares in the company, valued at approximately $1,045,241.11. This transaction marks a significant reduction of 87.20% in his holdings.

The details of the sale were disclosed in a legal filing with the Securities and Exchange Commission. The filing provides transparency regarding insider trading activities within the company, reflecting regulatory compliance.

Current Stock Performance and Analyst Ratings

As of the latest trading session, Axsome Therapeutics’ stock opened at $149.22 and has shown a market capitalization of $7.52 billion. The stock’s price-to-earnings (P/E) ratio stands at -31.95, and it has a beta of 0.48, indicating relatively low volatility compared to the market. The company’s debt-to-equity ratio is 1.66, with a current ratio of 1.57 and a quick ratio of 1.50. Over the past year, the stock has fluctuated between a low of $75.56 and a high of $152.94.

In terms of moving averages, Axsome Therapeutics has a fifty-day moving average of $134.97 and a two-hundred-day average of $118.80.

Recent reports from several equities research analysts indicate a generally positive outlook for Axsome Therapeutics. Guggenheim raised its target price for the stock from $200.00 to $205.00 and issued a “buy” rating on November 4, 2023. Conversely, Weiss Ratings maintained a “sell (d-)” rating in their report on October 8, 2023. Other analysts, including B. Riley and Royal Bank of Canada, have issued “buy” ratings with price targets set at $179.00 and $198.00, respectively.

Overall, the consensus rating for Axsome Therapeutics stands at “Moderate Buy,” with an average target price of $179.88, according to MarketBeat.com.

Institutional Trading Activity

Recent institutional trading activity has also been noteworthy. Several hedge funds have either purchased or sold shares of Axsome Therapeutics. Caitong International Asset Management Co. Ltd acquired a new stake in the company worth approximately $25,000 in the first quarter of this year. Meanwhile, Versant Capital Management Inc significantly increased its position by 20,300.0%, owning 204 shares valued at $25,000 after acquiring an additional 203 shares.

Other institutional investors include Quantbot Technologies LP, which purchased shares valued at $31,000, and First Horizon Corp, which also acquired a new stake in the third quarter, valued at $34,000. Optiver Holding B.V. raised its stake by 82.3%, now owning 288 shares worth $35,000 after buying an additional 130 shares in the last quarter.

Currently, institutional investors hold around 81.49% of Axsome Therapeutics’ stock, underscoring strong confidence in the company’s future prospects.

Company Overview

Axsome Therapeutics, Inc. is a biopharmaceutical company focused on developing innovative therapies for central nervous system (CNS) disorders in the United States. The company’s commercial product portfolio includes Auvelity (dextromethorphan-bupropion) for treating major depressive disorder and Sunosi (solriamfetol), indicated for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

As Axsome Therapeutics continues to navigate the complexities of the biopharmaceutical landscape, its strategic decisions and stock performance will be closely monitored by investors and analysts alike.