Axsome Therapeutics, Inc. (AXSM) Stock Price & Analysis
Axsome Therapeutics, Inc. (AXSM) closed at USD 156.07 on Thursday, October 22, 2026, down 0.15% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 156.31; the Oct 22, 2026 session ranged USD 154.24–158.08 on volume of 832,348 shares. Market capitalization is $8.18B, with a 52-week range of USD 123.5–260.19 (NGM). Source: Nexqual, retrieved October 23, 2026 at 09:21 UTC.
Also available as compact Markdown for AI agents: nexqual.com/AXSM.md
Key facts (AXSM)
- Last four reported quarters (through Jun 30, 2026): revenue $777M, net income -$192M (-24.7% margin), free cash flow -$72.0M (SEC filings).
- 2 of 80 tracked superinvestors hold AXSM (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $51.4M; 0 not under a Rule 10b5-1 plan ($0K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +22.8% vs S&P 500 +14.9%; 5Y +289.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.64, revenue estimate $250M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (AXSM)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $50.0M | $271M | $386M | $638M | $777M |
| Gross profit | — | $44.8M | — | — | — | — |
| Operating income | -$125M | -$180M | -$232M | -$281M | -$167M | -$186M |
| Net income | -$130M | -$187M | -$239M | -$287M | -$183M | -$192M |
| EPS (diluted) | -$3.47 | -$4.60 | -$5.27 | -$5.99 | -$3.68 | — |
| Free cash flow | -$109M | -$117M | -$146M | -$129M | -$93.9M | -$72.0M |
| Gross margin | — | 89.6% | — | — | — | — |
| Operating margin | — | -359.3% | -85.7% | -72.7% | -26.1% | -24.0% |
| Net margin | — | -374.0% | -88.4% | -74.5% | -28.7% | -24.7% |
| Revenue growth | — | — | +440.8% | +42.5% | +65.5% | — |
| Cash + short-term investments | $86.5M | $201M | $386M | $315M | $323M | — |
| Total debt | $49.1M | $94.3M | $178M | $181M | $188M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (AXSM)
Superinvestors (SEC 13F-HR, Q2 2026) (AXSM)
2 of 80 tracked investors hold AXSM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds | 0.49% | $3.7M | Added +1.0% | |
| Polen Capital | Polen Capital Management | 0.01% | $1.1M | Added +111.2% |
Insider sales (SEC Form 4, open-market, last ~7 months) (AXSM)
11 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Jacobson Mark L. | Chief Operating Officer | 10,000 | $2.1M | 100% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-05…2026-08-06 | Tabuteau Herriot | Chief Executive Officer | 49,664 | $10.5M | 0.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Tabuteau Herriot | Chief Executive Officer | 49,666 | $11.9M | 0.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-10…2026-06-11 | Jeffs Roger | Director | 572 | $142K | 1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-09…2026-06-10 | Mahony Susan | Director | 600 | $145K | 42% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Coleman Mark | Director | 643 | $160K | 0.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Tabuteau Herriot | Chief Executive Officer | 49,670 | $12.0M | 0.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-09 | Pizzie Nick | Chief Financial Officer | 33,000 | $7.9M | 43.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-29…2026-06-02 | Coleman Mark | Director | 17,537 | $4.0M | 3.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-04…2026-05-05 | Jacobson Mark L. | Chief Operating Officer | 4,750 | $1.1M | 100% | Yes | Too little history (no open-market trades in 2023) |
| 2026-04-22 | Maizel Ari | Chief Commercial Officer | 7,500 | $1.4M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (AXSM)
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | RBC Capital | Target lowered | Outperform | $297 → $295 |
| 2026-09-29 | Deutsche Bank | Target lowered | Buy | $280 → $267 |
| 2026-09-25 | Morgan Stanley | Target lowered | Equal-Weight | $251 → $247 |
| 2026-09-23 | Truist Securities | Target raised | Buy | $200 → $285 |
| 2026-09-18 | Piper Sandler | Reiterated | Overweight | $258 |
| 2026-08-31 | HC Wainwright & Co. | Reiterated | Buy | $290 |
| 2026-08-12 | Mizuho | Target raised | Outperform | $306 → $316 |
| 2026-08-11 | Morgan Stanley | Target raised | Equal-Weight | $242 → $251 |
| 2026-08-11 | RBC Capital | Target lowered | Outperform | $304 → $297 |
| 2026-08-11 | Guggenheim | Target raised | Buy | $260 → $275 |
| 2026-08-11 | Wells Fargo | Target raised | Overweight | $255 → $256 |
| 2026-08-11 | Needham | Target raised | Buy | $267 → $268 |
Total return (dividends reinvested) (AXSM)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +22.8% | +289.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +22.9% | +31.1% |
| Volatility (annualized) | 42.6% | 57.7% |
| Max drawdown | -38.9% (Jun 2026→Oct 2026) | -48.3% (Mar 2022→Jun 2022) |
AXSM revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $216.4M | 99.1% | +45.2% |
| Royalty & Milestone Revenue | $2.0M | 0.9% | +86.5% |
| Total revenue | $218.4M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
AXSM suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TEVA PHARMACEUTICAL INDUSTRIES LTD (TEVA) | “Provigil and Nuvigil, which are manufactured by Teva.” |
| Partner | Pfizer (PFE) | “Exclusive License Agreement with Pfizer” |
| Partner | Atnahs Pharma UK | “In February 2023, we entered into a licensing agreement, or the Pharmanovia License Agreement, with Atnahs Pharma UK Limited, or Pharmanovia, that granted to Pharmanovia the exclusive right to market SUNOSI in Europe and certain countries in the Middle East and North Africa, referred to as the Licensed Territory.” |
| Partner | Leerink Partners | “Our management will have broad discretion in the application of the net proceeds from our capital raises, which we refer to as our Capital Raises, including the proceeds from sales pursuant to the March 2022 Sales Agreement with Leerink Partners LLC ("Leerink"), which provides for the sale of up to $250.0 million of our common stock from time to time, and our stockholders will not have the opportunity as part of t…” |
| Partner | Jazz Pharmaceuticals plc (JAZZ) | “Royalty Agreement with Jazz Pharmaceuticals, SK Biopharmaceuticals Co., Ltd. and Aerial Biopharma, LLC” |
| Related party | Antecip Bioventures II | “In connection with the Blackstone Loan Agreement (see below), Antecip consented to the collateral assignment of one of the license agreements, among other things, under a direct agreement among us, Antecip, a related party, and Blackstone.” |
| Related party | Hercules Capital, Inc. (HTGC) | “This new direct agreement superseded the prior direct agreement among us, Antecip, a related party, and Hercules Capital, Inc. ("Hercules") that had been entered into in connection with the Hercules Loan Agreement, which terminated automatically upon repayment of our Hercules loan obligations in full on May 8, 2025.” |
| Competitor | AbbVie (ABBV) | “Among the companies that currently market or are developing therapies that, if approved, our product candidates would potentially compete with include: AbbVie;” |
Quoted from the company's 10-K filed Feb 23, 2026.
Companies that name AXSM in their SEC reports
| Relationship to AXSM | Company | Filing | Sentence |
|---|---|---|---|
| partner | Fortress Biotech, Inc. (FBIOP) | 10-K Mar 31, 2026 | “To date, three partner companies are publicly-traded, and four subsidiaries have consummated strategic partnerships with industry leaders, including AstraZeneca plc as successor-in-interest to Alexion Pharmaceuticals, Inc. ("AstraZeneca"), Sentynl Therapeutics, Inc. ("Sentynl"), Axsome Therapeutics, Inc. ("Axsome"), and Sun Pharma.” |
AXSM customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (38%, 27%, 24%) of revenue, per the company's 10-Q filed Aug 10, 2026. The company does not name them.
AXSM analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.64 | $-0.28 | +123.2% | $250.2M | 13 |
| Next quarter (ends Dec 2026) | $-0.16 | $0.35 | -146.0% | $291.3M | 10 |
| Current fiscal year (ends Dec 2026) | $-2.98 | $-1.73 | +72.7% | $951.9M | 13 |
| Next fiscal year (ends Dec 2027) | $3.69 | $5.85 | -36.8% | $1.52B | 11 |
AXSM options: expected move
Options price a move of about ±12.2% (±$19.05) by Nov 20, 2026, which includes earnings on Nov 2, 2026. Over the last 8 reports the stock moved ±2.9% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 54.1% | ±12.2% |
| Dec 18, 2026 | 56 | 49.1% | ±15.5% |
| Jan 15, 2027 | 84 | 51.2% | ±19.7% |
| Mar 19, 2027 | 147 | 49.2% | ±24.9% |
| May 21, 2027 | 210 | 49.6% | ±29.9% |
| Jun 17, 2027 | 237 | 48.8% | ±31.2% |
| Aug 20, 2027 | 301 | 47.3% | ±34.1% |
| Nov 19, 2027 | 392 | 46.9% | ±38.4% |
30-day implied volatility 52.6% vs 39.9% realized over the last 30 trading days. Put/call ratio (volume) 1.29. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:21 UTC)
| Price | USD 156.07 |
|---|---|
| Change | ▼ 0.15% (down) |
| Previous Close | USD 156.31 |
| Open | USD 156.13 |
| Day Range | USD 154.24 – 158.08 |
| 52-Week Range | USD 123.5 – 260.19 |
| Volume | 832,348 shares |
| Market Cap | $8.18B |
| Exchange | NGM |
Technical Analysis (AXSM)
Nexqual's technical model rates AXSM "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:21 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 28.46 (oversold) |
| vs SMA50 | Below (USD 193.22) |
| MACD | -11.77 (negative) |
Earnings (AXSM)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD -0.64 |
| Revenue Estimate | $250.19M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.99 vs est -0.78 ▼ miss |
| 2026-03-31 | USD -1.26 vs est -0.86 ▼ miss |
| 2025-12-31 | USD -0.56 vs est -0.73 ▲ beat |
| 2025-09-30 | USD -0.94 vs est -0.9 ▼ miss |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financials & Fundamentals (AXSM)
| Total Revenue | $776.57M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +45.50% |
| Gross Margin | +93.24% |
| Operating Margin | -23.42% |
| Profit Margin | -24.68% |
| ROE | -245.10% |
| Debt / Equity | 2.7 |
| Current Ratio | 1.43 |
| Total Cash | $319.85M |
| Total Debt | $224.69M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$71.96M (-9.3% of revenue) |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financial Health Score (AXSM)
Nexqual rates Axsome Therapeutics, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:21 UTC.
| Growth | Strong — Revenue +66% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 93%, operating -23% (last 12 months) |
| Balance Sheet | Weak — $320M cash and investments vs $188M debt (Jun 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$72M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -245%, ROA -16.3% |
Ownership (AXSM)
| Insider Ownership | +15.08% |
|---|---|
| Institutional Ownership | +74.40% |
| Shares Outstanding | 52.38M |
| Float | 44.46M |
| Short % of Float | +9.79% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
From Axsome Therapeutics, Inc.'s Latest SEC 10-K Filing (filed 2026-02-23)
Key Strengths & Strategy (as disclosed to the SEC)
- We seek to protect our product candidates and our technology through a combination of patents, trade secrets, proprietary know-how, FDA and EMA exclusivity, and contractual restrictions on disclosure.
- Our proprietary medicinal chemistry and formulation technologies allow us to continue to design new and innovative medicines to treat CNS conditions.
- In December 2025, the FDA accepted for filing the Company's supplemental New Drug Application (sNDA) for AXS-05 for the treatment of AD agitation and granted the application Priority Review designation.
- Develop products with our proprietary medicinal chemistry and formulation technologies.
Partnerships
- The assumed commitments to SK and Aerial include single-digit tiered royalties based on the Company's sales of SUNOSI, and additionally, the Company is committed to pay up to $162.5 million based on revenue milestones and $1.0 million based on development milestones.
- AXS-05 has demonstrated positive results in an investigator-sponsored Phase 2 trial, which the Company conducted under a research collaboration agreement with Duke University.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to new legislation, regulatory proposals, and healthcare payor initiatives that may increase our costs of compliance, and adversely affect our ability to market our products, obtain collaborators, and raise capital.
- Compliance with the federal track and trace requirements may increase our operational expenses and impose significant administrative burdens.
- We are currently subject to a number of government laws and regulations, and, in the future, could become subject to new government laws and regulations.
- Our employees, independent contractors, consultants, commercial partners, principal investigators, or CROs may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could have a material adverse effect on our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| ABVX | Abivax SA | USD 90.23 | ▼ 3.49% |
| TGTX | TG Therapeutics, Inc. | USD 53.16 | ▼ 0.08% |
| ARWR | Arrowhead Pharmaceuticals, Inc. | USD 58.36 | ▼ 0.82% |
| SYRE | Spyre Therapeutics, Inc. | USD 92.33 | ▼ 0.67% |
| CYTK | Cytokinetics, Incorporated | USD 62.33 | ▼ 0.84% |
| PTGX | Protagonist Therapeutics, Inc. | USD 139.53 | ▲ 1.05% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:21 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt