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Hunter R. Murdock, General Counsel at Axsome Therapeutics (NASDAQ:AXSM), a $5 billion market cap biopharmaceutical company with impressive gross profit margins of 91%, sold 13,514 shares of common stock for a total of $1,370,646, between June 20 and June 23.
The sales were executed at weighted average prices ranging from $100.12 to $102.47 per share.
On the same dates, Murdock also exercised options to acquire 13,514 shares of Axsome Therapeutics stock at an exercise price of $29.91, for a total value of $404,203.
In other recent news, Axsome Therapeutics has faced a setback with its New Drug Application (NDA) for AXS-14, intended for fibromyalgia treatment, as the U.S. Food and Drug Administration (FDA) issued a Refusal to File (RTF) letter. The FDA highlighted that one of the trials submitted did not meet its standards due to an 8-week primary endpoint and a flexible-dose approach, although another trial with a 12-week endpoint and fixed-dose was deemed adequate. Despite this, both trials met their primary endpoints, and the FDA did not raise concerns about the trial results themselves. In response, Axsome plans to conduct an additional controlled trial in the fourth quarter of 2025, aligning with the FDA’s requirements.
Analysts have reacted to these developments with various updates. Piper Sandler reiterated an Overweight rating with a $148 price target, viewing the additional study as potentially beneficial. H.C. Wainwright maintained a Buy rating and $180 price target, seeing the FDA’s feedback as constructive and not affecting their valuation. Meanwhile, Oppenheimer adjusted its price target slightly to $183 from $185, maintaining an Outperform rating and noting that the market had not assigned significant value to AXS-14. Axsome’s commitment to addressing the FDA’s concerns and advancing AXS-14 underscores its dedication to providing new treatment options for fibromyalgia patients.
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