Herriot Tabuteau, the Chief Executive Officer of Axsome Therapeutics, Inc., has completed a substantial transaction involving the sale of company equity. On July 1, 2026, Tabuteau disposed of 49,666 shares of Axsome Therapeutics common stock. The divestment was structured under a pre-approved 10b5-1 trading plan, a mechanism designed to facilitate stock sales in compliance with securities regulations. The aggregate value of these transactions reached $11,932,256.
The execution of this sale involved the exercise of an equal number of stock options that were approaching their 10-year expiration date. Tabuteau originally acquired these 49,666 shares at a cost of $4.95 per share, resulting in a total initial investment of $245,846. The shares were subsequently sold at a weighted average price of $240.25 per share. Individual sale prices within this transaction ranged from a low of $237.64 to a high of $244.71 per share.
This divestment takes place during a period of notable price appreciation for Axsome Therapeutics. According to data from InvestingPro, the company's stock has delivered a 134% return over the past year. The stock has surged 32% in the last six months alone. Current market data indicates the stock is trading near its Fair Value.
Following the completion of these transactions, Tabuteau's direct holdings in Axsome Therapeutics common stock have been reduced to 7,229 shares. However, he maintains significant indirect ownership through a separate entity. Through this entity, where he retains both voting and dispositive power, Tabuteau indirectly holds 7,344,500 shares of the company.
The sale coincides with several key developments in Axsome's operational and clinical pipeline. The company has dosed its first patient in the FOCUS-3 Phase 3 trial. This study is designed to evaluate solriamfetol for the treatment of adolescents with ADHD. The trial is structured as a randomized, double-blind, placebo-controlled study and will involve approximately 468 patients.
Market analysts have also adjusted their outlooks for the company. TD Cowen has raised its price target for Axsome Therapeutics to $300. The firm maintains a Buy rating, citing the expansion of the company's Auvelity launch and its promising pipeline. Similarly, Jefferies has increased its price target for Axsome to $380. Jefferies highlights the potential for peak sales of Auvelity in major depression and Alzheimer's agitation to exceed $6 billion.
Additionally, Axsome presented data on its narcolepsy treatments, specifically AXS-12 and solriamfetol, at the SLEEP 2026 conference. These presentations underscore the company's ongoing research efforts and its focus on advancing its treatment portfolio. The company's active engagement in clinical trials and analyst coverage reflects its efforts to expand its market presence in the pharmaceutical sector.