Herriot Tabuteau Divests 49,252 Shares of Axsome Therapeutics

Herriot Tabuteau, the CEO of Axsome Therapeutics (NASDAQ: AXSM), sold 49,252 shares of the company’s stock on December 2, 2023. The shares were sold at an average price of $144.59, leading to a total transaction value of $7,121,346.68. Following this sale, Tabuteau retains ownership of 7,229 shares, valued at approximately $1,045,241.11. This sale marks a significant reduction in his holdings, reflecting an 87.20% decrease in his position.

The transaction has been publicly disclosed through a filing with the Securities and Exchange Commission, providing transparency regarding the changes in Tabuteau’s ownership stake.

Current Stock Performance and Analyst Outlook

As of the latest trading session, Axsome Therapeutics’ stock opened at $149.22. The company boasts a market capitalization of $7.52 billion, with a price-to-earnings (P/E) ratio of -31.95 and a beta of 0.48. Financial metrics indicate a debt-to-equity ratio of 1.66, 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. Recent averages reflect a fifty-day moving average price of $134.97 and a two-hundred-day average of $118.80.

Analysts have expressed optimism regarding Axsome Therapeutics’ future, with several firms issuing reports that forecast growth. Notably, Guggenheim raised its target price from $200.00 to $205.00 and maintained a “buy” rating as of November 4. Conversely, Weiss Ratings reaffirmed a “sell (d-)” rating earlier in October. Additionally, B. Riley initiated coverage with a “buy” rating and a target price of $179.00, while Royal Bank of Canada increased its target from $189.00 to $198.00, also rating the stock as “outperform”.

Overall, analysts have provided a consensus rating of “Moderate Buy” for the stock, with an average target price set at $179.88 according to MarketBeat.com.

Institutional Investment Trends

Recent trading activity among institutional investors indicates a growing interest in Axsome Therapeutics. Various hedge funds have either bought or adjusted their positions in the company. For instance, Caitong International Asset Management Co. Ltd acquired a new stake valued at approximately $25,000 in the first quarter. Meanwhile, Versant Capital Management Inc significantly increased its holdings by 20,300.0% during the third quarter, now owning 204 shares worth $25,000.

Other notable transactions include Quantbot Technologies LP, which purchased a new stake valued at $31,000, and First Horizon Corp, which entered a new position worth $34,000 in the same quarter. Additionally, Optiver Holding B.V. boosted its investment by 82.3% during the third quarter.

Institutional investors currently hold 81.49% of Axsome Therapeutics’ stock, reflecting strong confidence in the company’s potential within the biopharmaceutical sector.

Axsome Therapeutics, Inc. specializes in developing innovative therapies for central nervous system (CNS) disorders. Its commercial products include Auvelity, indicated for major depressive disorder, and Sunosi, used in treating excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

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