Axsome COO Buys 19,663 RSUs at 52‑Week Low, Signaling Long‑Term Confidence in Trial‑Driven Growth

Insider Activity Spotlight: Axsome Therapeutics’ COO Buys Shares Amid Volatility

In a recent 4‑form filing, Axsome Therapeutics’ Chief Operating Officer, Mark L. Jacobson, purchased 19,663 restricted stock units (RSUs) on 26 February 2026. The RSUs, granted under the 2025 Long‑Term Incentive Plan, will vest over four years, with 25 % vesting on the 2026 grant anniversary and the remainder in equal installments until 2030. Jacobson’s decision to acquire new RSUs while the stock hovered near its 52‑week low ($169.95 on 23 Feb) signals a vote of confidence in the company’s long‑term trajectory, even as the share price has dropped 11 % over the week.

What Does This Mean for Investors? The COO’s purchase adds weight to Axsome’s narrative that management believes the market is undervaluing its pipeline. Investors should note that Jacobson’s recent trading history shows a mix of high‑volume purchases and sales. He has bought large blocks of common stock at prices ranging from $2.85 to $4.95, but also sold shares at much higher levels ($115–$116) during September 2025, likely to fund personal liquidity or diversify holdings. The latest RSU grant, however, is a long‑term commitment that aligns his interests with shareholders and suggests expectations that the company’s valuation will rebound as the Phase‑III CLARITY trial for solriamfetol progresses and as the company expands its product portfolio.

A Profile of Mark L. Jacobson Jacobson’s insider trading pattern reveals a disciplined, “buy‑and‑hold” approach punctuated by periodic sales to manage cash flow. Over the past year, he has executed 18 trades, including 11 purchases (both common stock and RSUs) and 7 sales. His purchase volumes are consistently high—often exceeding 20,000 shares—yet he rarely sells below $5 per share, except during the September 2025 sell‑off when share prices spiked above $115. This behavior indicates a willingness to lock in gains when the stock reaches peak valuations but a reluctance to sell when the market is down, a typical profile for insiders who believe in the company’s long‑term prospects.

Company‑Wide Insider Momentum The broader Axsome insider activity on 26 February 2026 mirrors the COO’s bullish stance. Executives such as CEO Tabuteau Herriot, CFO Pizzie Nick, and CMO Maizel Ari all purchased RSUs worth tens of thousands of shares, underscoring a cohesive management belief in the firm’s future. Meanwhile, other insiders, including Coleman Mark, have sold sizable blocks of common stock, suggesting personal liquidity needs rather than a lack of confidence in Axsome. The net effect is a net insider buying trend, which may dampen short‑term volatility and signal a supportive environment for the company’s strategic initiatives.

Bottom Line for Shareholders Jacobson’s RSU grant, coupled with the recent executive buying spree, is a positive signal that Axsome’s leadership remains committed to the company’s long‑term growth. For investors, this could translate into reduced short‑term selling pressure and a stronger alignment of executive and shareholder interests. As the clinical pipeline advances and the company seeks to capitalize on emerging pain and CNS indications, these insider actions suggest a favorable outlook—provided the company can convert clinical milestones into commercial success and manage the inherent risks of the biotech sector.