Axsome Therapeutics CEO Herriot Tabuteau Offloads $7.1 Million in Shares

Herriot Tabuteau, the CEO of Axsome Therapeutics, Inc. (NASDAQ: AXSM), has sold 49,252 shares of the company’s stock in a transaction valued at approximately $7,121,346.68. The sale occurred on December 2, 2023, at an average price of $144.59 per share. Following this transaction, Tabuteau now holds 7,229 shares, worth around $1,045,241.11, reflecting an 87.20% reduction in his overall position.

The details of the sale were disclosed in a legal filing with the Securities and Exchange Commission, available publicly for review. This significant move has drawn attention to the company’s stock performance and broader market implications.

Current Stock Performance and Analyst Ratings

As of Friday, Axsome Therapeutics’ stock opened at $149.22, amidst a market capitalization of approximately $7.52 billion. The stock has demonstrated volatility over the past year, with a low of $75.56 and a high of $152.94. Currently, the company reports a P/E ratio of -31.95, alongside a debt-to-equity ratio of 1.66, and liquidity ratios indicating a current ratio of 1.57 and a quick ratio of 1.50.

Recent reports from equity research analysts suggest optimistic outlooks for Axsome Therapeutics. Guggenheim has raised its target price for the shares from $200.00 to $205.00 while maintaining a “buy” rating. On the other hand, Weiss Ratings has reiterated a “sell (d-)” rating. B. Riley recently initiated coverage with a “buy” recommendation and a price objective of $179.00. The Royal Bank of Canada also increased its price target from $189.00 to $198.00 with an “outperform” rating.

Overall, the consensus from analysts indicates a “Moderate Buy” rating, with an average target price of $179.88 according to MarketBeat.com. Among the analysts, one has rated the stock as a Strong Buy, while sixteen have assigned a Buy rating, and only one analyst has issued a Sell rating.

Institutional Trading Trends

Recent trading activity among institutional investors has further influenced Axsome Therapeutics’ stock dynamics. Notably, Caitong International Asset Management Co. Ltd acquired a new stake in the company during the first quarter, valued at approximately $25,000. Meanwhile, Versant Capital Management Inc significantly increased its holdings by 20,300.0% in the third quarter, now owning 204 shares worth $25,000 after acquiring an additional 203 shares.

Other notable transactions include Quantbot Technologies LP, which purchased shares worth $31,000, and First Horizon Corp, which bought a new stake valued at $34,000. Additionally, Optiver Holding B.V. increased its stake by 82.3% during the same period, bringing its total to 288 shares valued at $35,000.

Institutional investors now control an impressive 81.49% of Axsome Therapeutics’ stock, reflecting strong confidence in the company’s future prospects.

Axsome Therapeutics, Inc. specializes in developing innovative therapies for central nervous system disorders. Its commercial portfolio features Auvelity (dextromethorphan-bupropion), aimed at treating major depressive disorder, and Sunosi (solriamfetol), designed for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

This latest stock transaction by Herriot Tabuteau, coupled with the positive analyst outlooks, underscores the dynamic nature of Axsome Therapeutics in the biopharmaceutical market.