Axsome Therapeutics (NASDAQ:AXSM) disclosed an insider transaction in which Chief Financial Officer Nick Pizzie sold 12,000 shares of common stock on January 22, 2026, generating proceeds of $2,255,040. The sale carried a weighted average price of $187.92 per share, with individual trades executed at prices between $185.09 and $191.12.
On the same day as the sale, Pizzie exercised stock options enabling him to acquire 12,000 shares at an exercise price of $3.50 per share, for a cash outlay of $42,000. Those stock options have expiration dates in 2028.
Following the transactions, Pizzie's direct ownership in Axsome stands at 42,588 shares. He also holds 488 shares indirectly as custodian for his children under UTMA accounts.
Share performance and valuation context
AXSM was trading near a 52-week high of $191.50 around the time of the sale, having returned approximately 80% over the prior 12 months. According to InvestingPro, the stock is currently trading at fair value. InvestingPro also provides an array of research tools, including 13 additional ProTips and a comprehensive Research Report on AXSM, designed to help investors evaluate the company.
Company results and commercial momentum
Axsome announced preliminary unaudited financial results for the fourth quarter of 2025, estimating total product revenue of roughly $196 million for the period. The company said this amount represents a 65% increase from the same quarter in 2024.
Analysts have responded to Axsome's reported momentum by revising price targets and ratings. H.C. Wainwright raised its price target to $260 while maintaining a Buy rating. Piper Sandler lifted its target to $223, citing observations on the commercial dynamics of Auvelity, Axsome's therapy for agitation associated with Alzheimer's disease. Baird increased its price target to $209, referencing strong sales for Axsome's commercial products, including Auvelity and Sunosi. Cantor Fitzgerald reiterated an Overweight rating and a $153 price target, highlighting the company's financial strategy and prospects for achieving cash-flow positivity.
Axsome has also begun a Phase 3 clinical trial for AXS-14, which targets management of fibromyalgia.
Financial profile and analyst sentiment
Although Axsome was not profitable in the prior year, the company reported gross profit margins of 91.86%. Analyst coverage remains optimistic overall, with a consensus recommendation of 1.25.
The combination of insider option exercises, share sales, elevated analyst targets, and preliminary revenue growth underscore several active threads in Axsome's current narrative: commercial execution, pipeline advancement, and moves by company insiders that coincide with high market valuations.
What remains unchanged in the public record
All transaction details, revenue estimates, analyst price targets and ratings, and the company's stated margins are as reported. The options exercised by the CFO remain set to expire in 2028, and Pizzie's post-transaction direct and indirect holdings are as disclosed above.