In a recent financial move, Mark L. Jacobson, the Chief Operating Officer of Axsome Therapeutics, Inc. (NASDAQ:AXSM), sold a significant amount of company stock, totaling over $4 million. The transaction, which took place on August 9, 2024, involved the sale of 47,739 shares at a weighted average price ranging between $82.705 and $85.975, with the total value of the sale amounting to approximately $4,022,488.
Prior to the sale, Jacobson exercised options to acquire the same number of shares of common stock at a price of $4.04 per share, costing a total of $192,865. This exercise of stock options was executed prior to the 10-year expiration date of the options, which was set to occur later in the year. The transactions were conducted under a pre-approved 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling stock.
Following the sale, Jacobson's ownership in Axsome Therapeutics decreased, leaving him with 5,783 shares of the company's common stock. The recent transactions provide an update on the trading activity of one of Axsome's top executives, offering investors insight into insider stock movements within the company.
Axsome Therapeutics, based in New York, is a pharmaceutical company focusing on developing therapies for central nervous system disorders. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol AXSM.
In other recent news, Axsome Therapeutics' Q2 2024 earnings report revealed revenues of $87.2 million, slightly surpassing analysts' projections. Despite this, the firm reported a larger than expected net loss per share due to increased operating expenses. This report led to various adjustments in analysts' outlooks. BofA Securities upgraded Axsome's stock from Neutral to Buy and increased the price target to $106, citing positive expectations for the company's key product, Auvelity. Conversely, H.C. Wainwright revised its price target for Axsome to $180 from $190, maintaining a Buy rating, while RBC Capital lowered its price target to $130 from $131, retaining an Outperform rating.
In addition, Axsome Therapeutics reported a year-over-year revenue increase of approximately 160% in Q1 2024. The company also successfully resolved a patent lawsuit with Unichem Laboratories, paving the way for the launch of a generic version of its narcolepsy drug, Sunosi, in the U.S. in 2042.
Furthermore, Citi reaffirmed its Buy rating on Axsome with a steady price target of $125, reflecting the potential of Axsome's drug for Alzheimer's disease agitation, AXS-05, and the commercial prospects of its treatments in development. These are the recent developments in the company.
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