Mark Coleman, serving as a director at Axsome Therapeutics, Inc. (NASDAQ:AXSM), initiated a sale of 643 shares of the company's common stock on June 10, 2026. The total value of this transaction reached $160,107. The shares were sold at a weighted average price of $249.00 per share, with individual sale prices observed to range between $245.17 and $253.04. This specific transaction was executed under a pre-approved 10b5-1 trading plan. The plan has now been completed. The primary driver for this sale was to cover taxes associated with the settlement of restricted stock units (RSUs).
The timing of this sale coincides with the vesting of 1,429 RSUs on June 8, 2026. These RSUs converted into an equal number of common stock shares. The RSUs were initially granted to Mr. Coleman on June 6, 2025. They vested upon their one-year anniversary. Following these transactions, Mr. Coleman directly holds 30,389 shares of Axsome Therapeutics common stock. Additionally, he is deemed the indirect beneficial owner of 403,856 shares held by an entity over which he has voting and dispositive power.
The sale comes as Axsome shares trade near their 52-week high of $256. This price level reflects a remarkable 128% return over the past year. According to InvestingPro analysis, the stock appears slightly overvalued relative to its Fair Value. InvestingPro offers 14 additional tips for AXSM. It also provides comprehensive financial metrics to help investors make informed decisions.
In other recent news, Axsome Therapeutics reported its Q1 2026 earnings. The company showed a mixed financial performance. The company experienced a net loss of $1.26 per share. This result fell short of the anticipated loss of $0.83 per share, indicating a significant earnings miss. Despite this, Axsome’s revenue was $191.2 million. This figure was slightly below the expected $193.46 million.
In other developments, Axsome announced the resolution of all patent litigation concerning its product SUNOSI. This litigation was related to Abbreviated New Drug Applications filed by companies aiming to market generic versions of SUNOSI in the U.S. H.C. Wainwright reiterated a Buy rating for Axsome. The firm set a price target of $290 following the patent settlement. Additionally, Axsome is actively supporting migraine awareness initiatives in June. This includes the first annual Headache in the City educational campaign. The company’s headquarters will also participate in raising awareness by being illuminated in purple for Migraine and Headache Awareness Month.