AXSM Axsome Therapeutics, Inc.
Price Chart
Executive Summary
CEO Herriot Tabuteau and CFO Nick Pizzie sold a combined ~$19.9M in open-market sales on June 9, 2026, following derivative exercises. Director Mark Coleman also sold $160K. The total open-market sales of ~$20.05M represent ~0.16% of AXSM's $12.6B market cap — a modest but notable cluster. The CEO and CFO selling simultaneously after exercising options is a common liquidity-driven pattern (cashless exercise-to-sell), not a bearish signal. The cluster is amplified by the historical calibration (AMPLIFIER verdicts for cluster-insider-trades + multiple contexts), but the proportionality check and academic literature on cluster sales being non-informative keep the impact moderate.
Key Financial Metrics
Actionable Insight
The CEO and CFO selling simultaneously after option exercises is a routine cashless exercise pattern, not a bearish signal. Monitor next 10-Q for any fundamental deterioration, but this cluster alone does not warrant action. The historical win rate on AXSM reports is 88% at T+20, suggesting the stock tends to drift higher — this sale cluster is unlikely to reverse that trend.
Key Facts
- CEO Herriot Tabuteau sold 49,670 shares at $241.01 for ~$11.97M on June 9, 2026
- CFO Nick Pizzie sold 33,000 shares at $240.09 for ~$7.92M on June 9, 2026
- Both CEO and CFO exercised derivatives immediately prior to sales (cashless exercise-to-sell pattern)
- Director Mark Coleman sold 643 shares at $249 for $160K on June 10, 2026
- Total open-market sales: ~$20.05M, representing ~0.16% of AXSM's $12.6B market cap
- No open-market purchases in the cluster; all non-cash transactions (grants, awards, derivative exercises) have $0 economic value
- Historical calibration shows this cluster is an AMPLIFIER for insider-trades contexts, but the proportionality band (0.1-0.5%) suggests modest impact
Financial Impact
Total open-market sales of ~$20.05M, ~0.16% of market cap — modest relative to company size
Risk Factors
- Insider sales could signal management's view of near-term headwinds, though the cashless exercise pattern mitigates this
- Further insider selling in coming weeks would increase bearish weight
- Stock is near all-time highs (~$246) — profit-taking by insiders is natural
Market Snapshot
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-AXSM-1781142574601 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
1d ago
|
Insider Cluster
| $253.88 awaiting T+1 | awaiting T+1 | — | $255.17 (+0.51%) |
|
Jun 11, 2026
1d ago
|
144
| $253.88 awaiting T+1 | awaiting T+1 | — | $255.17 (+0.51%) |
|
Jun 11, 2026
2d ago
|
Insider Cluster
| $246.42 awaiting T+1 | awaiting T+1 | — | $255.17 (+3.55%) |
|
Jun 9, 2026
3d ago
|
144
| $245.68 awaiting T+1 | awaiting T+1 | — | $255.17 (+3.86%) |
|
Jun 9, 2026
3d ago
|
8-K
| $245.68 awaiting T+1 | awaiting T+1 | — | $255.17 (+3.86%) |
|
Jun 9, 2026
3d ago
|
Insider Cluster
| $245.68 awaiting T+1 | awaiting T+1 | — | $255.17 (+3.86%) |
|
Jun 4, 2026
9d ago
|
Press Release
| $231.48 $232.32 | ▲ +0.36% | ▲ +2.96% | $255.17 (+10.23%) |
|
Jun 3, 2026
10d ago
|
8-K
| $233.49 $231.48 | ▼ −0.86% | ▼ −1.26% | $255.17 (+9.29%) |
|
May 4, 2026
5w ago
|
8-K
| $223.70 $223.06 | ▼ −0.29% | ▼ −1.08% | $255.17 (+14.07%) |
|
May 4, 2026
5w ago
|
Press Release
| $223.70 $223.06 | ▼ −0.29% | ▼ −1.08% | $255.17 (+14.07%) |
US Market Status
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