Summary of transactions
On February 2, 2026, Axsome Therapeutics Chief Executive Officer Herriot Tabuteau completed two linked equity moves: he exercised stock options to acquire 32,410 shares at an exercise price of $8.02 each, and he sold those 32,410 shares of Axsome common stock for approximately $6.0 million. The exercised options cost Tabuteau $259,928 in aggregate, while the sales were executed at a weighted average price of $185.60 per share, with individual trade prices ranging from $183.85 to $186.89.
Context around the trades
The sales took place with Axsome shares trading near a 52-week high of $191.50 and after the stock posted a 74.6% return over the past year. InvestingPro data cited in the company profile describes the stock as currently fairly valued under its Fair Value assessment. The market price referenced alongside the option exercise was $185.88, highlighting the material discount at which the options were exercised relative to that trading level.
Post-transaction ownership
Following the option exercise and subsequent sale, Tabuteau directly holds 7,229 shares of Axsome Therapeutics common stock. He also retains indirect ownership of 7,344,500 shares through an entity where he has voting and dispositive power. The filings show these numbers as the post-transaction ownership position disclosed by the company.
Financial snapshot and profitability
Axsome is not profitable on a trailing twelve-month basis, according to the same data cited. However, the company reports strong gross margins of 91.86% and operates with a moderate level of debt. InvestingPro highlights 12 additional investment insights for the firm, including analyst forecasts that market participants will be watching ahead of Axsome’s scheduled earnings release on February 23, 2026.
Revenue guidance and analyst responses
Axsome disclosed preliminary unaudited results anticipating total product revenue of approximately $196 million for the fourth quarter of 2025, which would represent a 65% year-over-year increase versus Q4 2024. That reported revenue growth has prompted several analysts to raise their outlooks and price targets. H.C. Wainwright increased its price target to $260 while maintaining a Buy rating. Piper Sandler lifted its target to $223 following meetings with Axsome senior management. RBC Capital reiterated an Outperform rating and emphasized the potential of Axsome’s AXS-05 candidate for Agitation in Alzheimer’s Disease.
Pipeline progress and strategic commentary
On the clinical front, Axsome has initiated a Phase 3 trial of AXS-14 for fibromyalgia and has dosed the first patient in the FORWARD trial. Cantor Fitzgerald continued to view the company favorably from a strategic perspective, retaining an Overweight rating and a $153 price target while citing the company’s financial position and plans for commercial and pipeline execution.
What this means for market watchers
The combined option exercise and immediate sale by the CEO reflects a routine liquidity event following a sizable built-in discount between the exercise price and prevailing market prices. Market participants will likely monitor upcoming earnings and the clinical readouts tied to the pipeline as near-term catalysts. InvestingPro and analysts’ updated notes supply additional forecast detail that investors can consult ahead of Axsome’s next scheduled report.
Note: All figures and descriptions above are taken from company filings and analyst notes provided in the data cited; no additional facts have been introduced.