Joby Aviation closes $591 million stock offering with full underwriter option
Axsome Therapeutics (NASDAQ:AXSM), a $5.9 billion market cap biopharmaceutical company showing impressive 70% revenue growth, saw Chief Executive Officer Herriot Tabuteau sell shares worth approximately $5.4 million between October 6th and October 8th. The sales, executed under a pre-approved 10b5-1 plan, involved a total of 45,384 shares sold at prices ranging from $118.77 to $120.17. According to InvestingPro analysis, the stock currently trades below its Fair Value, with analysts setting price targets between $144 and $200.
The sales followed the exercise of stock options expiring due to their 10-year expiration date, resulting in the acquisition of 45,384 shares at a price of $8.02, for a total value of $363,979.
Following these transactions, Tabuteau directly owns 7,229 shares of Axsome Therapeutics. Tabuteau also indirectly owns 7,344,500 shares.
In other recent news, Axsome Therapeutics has been the focus of multiple analyst evaluations and strategic developments. B.Riley initiated coverage on the company with a Buy rating and set a price target of $179, highlighting its potential in the neurological treatment market. Piper Sandler maintained its Overweight rating with a $148 price target, noting the company’s strategies for expanding the use of its Auvelity medication and its potential in treating Alzheimer’s-related agitation. Similarly, Cantor Fitzgerald reiterated its Overweight rating and a $153 price target, although it slightly adjusted its revenue projections for the Sunosi medication.
Wells Fargo also initiated coverage with an Overweight rating and a price target of $163, ahead of Axsome’s planned submission of a supplemental New Drug Application for its AXS-05 treatment in 2025. Meanwhile, H.C. Wainwright reaffirmed its Buy rating and a $180 price target despite a generic challenge to the company’s Symbravo medication. Axsome received a Paragraph IV Certification Notice from Apotex Inc., which is seeking approval for a generic version of Symbravo. These developments indicate ongoing interest and activity around Axsome’s products and market strategies.
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