Analyst Consensus ?
ConsensusBuy27 ratings
Bullish2696.3%
Neutral13.7%
Bearish00.0%
Axsome Therapeutics, Inc. · AXSM · FY2026 Q2 · Calendar Q3 2026
Axsome reports strong AUVELITY-led growth as pipeline advances
The quarter supports a constructive but conditional view: AUVELITY-led growth, expanding market access, and pipeline advancement strengthen Axsome’s trajectory, but below-consensus EPS and revenue, commercialization economics, and regulatory execution keep the case dependent on continued delivery.
Reported Before market openNASDAQHealthcare
$10.69B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.99
Consensus $-0.89
EPS surprise
-11.0%
Reported versus consensus
Reported revenue
$216.4M
Consensus $221.1M
Revenue surprise
-2.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.8%
Event window
SPY move
-0.0%
Same window
Abnormal move
+3.9%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-5.9%
Up to 20 sessions
AXSMSPY benchmark
Ask FN2 about AXSM FY2026 Q2
Transcript, numbers and history already loaded
Why did AXSM rise 3.8% after missing EPS estimates in FY2026 Q2?What changed in AXSM's guidance and outlook in FY2026 Q2?Give me the bull and bear case for AXSM after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the supplied Q2 analysis showed continued AUVELITY momentum, including early Alzheimer’s agitation adoption, FDA acceptance of the AXS-12 NDA, and broader Phase III progress. The analysis also identified no new guidance and noted that current EPS and revenue were below consensus.
Guidance delta
No new guidance was provided in the supplied analysis; management emphasized continued commercial expansion and pipeline execution.
Key takeaways
- Q2 revenue increased 46% year over year to $218 million, led by a 51% increase in AUVELITY sales.
- AUVELITY’s Alzheimer’s agitation launch showed a 126% quarter-over-quarter increase in new-to-brand prescriptions among patients 65 and older.
- The company highlighted FDA acceptance of the AXS-12 NDA and progress across several Phase III programs.
- Cash remained around $320 million, while higher SG&A accompanied sales-force expansion and marketing activity.
Management priorities
- Expand AUVELITY, including the Alzheimer’s agitation indication and potential direct-to-consumer advertising.
- Advance Phase II/III and Phase III programs across AXS-05, solriamfetol, AXS-14, AXS-20, and AXS-17.
- Continue pursuing market-access gains and work toward the company’s stated goal of approximately one new NDA filing per year through 2030.
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Try FN2 freeEarnings History
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Miss
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Analyst 52W Price Targets
$137Current
$25Low
$227.86Average
$380High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Nov 3, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Nov 3, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Nov 3, 2026 |
| Guggenheim | Buy | Buy | Maintain | Nov 3, 2026 |
| Baird | Outperform | Outperform | Maintain | Nov 3, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 26, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Sep 29, 2026 |
| Truist Securities | Buy | Buy | Maintain | Sep 23, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 31, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 12, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 11, 2026 |
| Needham | Buy | Buy | Maintain | Aug 11, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jun 17, 2026 |
| Jefferies | Buy | Buy | Maintain | May 4, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Jan 28, 2026 |
| B of A Securities | Buy | Buy | Maintain | Aug 5, 2025 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Feb 19, 2025 |
| Citigroup | Buy | Buy | Maintain | May 7, 2024 |
| BTIG | Buy | Buy | Maintain | Dec 23, 2022 |
| SVB Leerink | Outperform | Outperform | Maintain | Nov 29, 2022 |
| Loop Capital | Buy | Buy | Maintain | Nov 1, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jun 29, 2022 |
| Berenberg | Buy | Buy | Maintain | Jun 10, 2021 |
| H.C. Wainwright | Buy | Buy | Maintain | Dec 30, 2019 |
| William Blair | Outperform | Outperform | Maintain | Sep 18, 2019 |
| BTIG Research | Buy | Buy | Maintain | May 19, 2017 |
| Brean Capital | Buy | Buy | Maintain | Dec 17, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $137. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Yatin Suneja | $250 | $142.54 | +82.5% | Nov 3, 2026 |
| UBS | Ashwani Verma | $239 | $136.01 | +74.5% | Nov 3, 2026 |
| Piper Sandler | Analyst unavailable | $238 | $145.04 | +73.7% | Oct 26, 2026 |
| RBC Capital | Analyst unavailable | $295 | $168.6 | +115.3% | Oct 8, 2026 |
| Deutsche Bank | Analyst unavailable | $267 | $188.66 | +94.9% | Sep 29, 2026 |
| Morgan Stanley | Analyst unavailable | $247 | $198.57 | +80.3% | Sep 25, 2026 |
| Truist Financial | Srikripa Devarakonda | $285 | $203.1 | +108.0% | Sep 23, 2026 |
| Mizuho Securities | Graig Suvannavejh | $316 | $215.77 | +130.7% | Aug 12, 2026 |
| RBC Capital | Leonid Timashev | $297 | $219 | +116.8% | Aug 11, 2026 |
| Morgan Stanley | Analyst unavailable | $251 | $221.21 | +83.2% | Aug 11, 2026 |
| Needham | Ami Fadia | $268 | $220.89 | +95.6% | Aug 11, 2026 |
| Guggenheim | Analyst unavailable | $275 | $220.89 | +100.7% | Aug 11, 2026 |
| Wells Fargo | Analyst unavailable | $256 | $220.89 | +86.9% | Aug 11, 2026 |
| BMO Capital | Malcolm Hoffman | $310 | $221.64 | +126.3% | Jul 20, 2026 |
| RBC Capital | Leonid Timashev | $304 | $242.6 | +121.9% | Jul 7, 2026 |
| Jefferies | Andrew Tsai | $380 | $246.34 | +177.4% | Jun 11, 2026 |
| Deutsche Bank | David Hoang | $280 | $230.1 | +104.4% | May 5, 2026 |
| Morgan Stanley | Analyst unavailable | $242 | $230.11 | +76.6% | May 5, 2026 |
| Needham | Analyst unavailable | $267 | $230.63 | +94.9% | May 5, 2026 |
| RBC Capital | Leonid Timashev | $302 | $231 | +120.4% | May 5, 2026 |
| Robert W. Baird | Brian Skorney | $246 | $223.7 | +79.6% | May 5, 2026 |
| H.C. Wainwright | Analyst unavailable | $290 | $223.7 | +111.7% | May 5, 2026 |
| Oppenheimer | Analyst unavailable | $280 | $223.34 | +104.4% | May 4, 2026 |
| Guggenheim | Yatin Suneja | $260 | $227.31 | +89.8% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $258 | $227.26 | +88.3% | May 4, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $272 | $227.39 | +98.5% | May 4, 2026 |
| Jefferies | Andrew Tsai | $275 | $227.92 | +100.7% | May 4, 2026 |
| Deutsche Bank | David Hoang | $281 | $227.35 | +105.1% | May 4, 2026 |
| H.C. Wainwright | Raghuram Selvaraju | $270 | $206.53 | +97.1% | May 4, 2026 |
| Oppenheimer | Analyst unavailable | $250 | $201.03 | +82.5% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $217 | $207.75 | +58.4% | Apr 30, 2026 |
| UBS | Analyst unavailable | $259 | $179.26 | +89.1% | Apr 10, 2026 |
| RBC Capital | Analyst unavailable | $222 | $168.35 | +62.0% | Feb 24, 2026 |
| UBS | Analyst unavailable | $251 | $170.81 | +83.2% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $207 | $174.76 | +51.1% | Feb 24, 2026 |
| Guggenheim | Analyst unavailable | $220 | $174.76 | +60.6% | Feb 24, 2026 |
| Wells Fargo | Analyst unavailable | $202 | $174.76 | +47.4% | Feb 24, 2026 |
| Wolfe Research | Rudy Li | $230 | $174.76 | +67.9% | Feb 23, 2026 |
| Truist Financial | Joon Lee | $200 | $173.55 | +46.0% | Feb 23, 2026 |
| Jefferies | Analyst unavailable | $215 | $173.9 | +56.9% | Feb 23, 2026 |
| Mizuho Securities | Analyst unavailable | $230 | $184.74 | +67.9% | Feb 19, 2026 |
| RBC Capital | Leonid Timashev | $219 | $184.5 | +59.9% | Jan 21, 2026 |
| H.C. Wainwright | Analyst unavailable | $260 | $177.27 | +89.8% | Jan 20, 2026 |
| Piper Sandler | Analyst unavailable | $223 | $174.14 | +62.8% | Jan 16, 2026 |
| Robert W. Baird | Analyst unavailable | $209 | $175.98 | +52.6% | Jan 13, 2026 |
| Wells Fargo | Analyst unavailable | $193 | $176.82 | +40.9% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $204 | $170.69 | +48.9% | Jan 8, 2026 |
| UBS | Analyst unavailable | $248 | $175.14 | +81.0% | Jan 6, 2026 |
| Needham | Ami Fadia | $225 | $178.69 | +64.2% | Jan 5, 2026 |
| H.C. Wainwright | Raghuram Selvaraju | $200 | $178.69 | +46.0% | Jan 5, 2026 |
| Guggenheim | Yatin Suneja | $205 | $179.14 | +49.6% | Jan 2, 2026 |
| Mizuho Securities | Graig Suvannavejh | $217 | $182.86 | +58.4% | Dec 31, 2025 |
| Oppenheimer | Jay Olson | $220 | $182.64 | +60.6% | Dec 31, 2025 |
| H.C. Wainwright | Analyst unavailable | $185 | $134.11 | +35.0% | Nov 4, 2025 |
| RBC Capital | Analyst unavailable | $198 | $133.5 | +44.5% | Nov 4, 2025 |
| Morgan Stanley | Analyst unavailable | $196 | $133.81 | +43.1% | Nov 4, 2025 |
| Wells Fargo | Analyst unavailable | $157 | $135.75 | +14.6% | Nov 4, 2025 |
| Morgan Stanley | Sean Laaman | $194 | $127.94 | +41.6% | Oct 20, 2025 |
| Wells Fargo | Analyst unavailable | $163 | $123.47 | +19.0% | Sep 2, 2025 |
| Robert W. Baird | Joel Beatty | $162 | $112.16 | +18.2% | May 6, 2025 |
| Mizuho Securities | Graig Suvannavejh | $216 | $121.77 | +57.7% | Mar 27, 2025 |
| Robert W. Baird | Analyst unavailable | $160 | $127.15 | +16.8% | Mar 3, 2025 |
| Mizuho Securities | Graig Suvannavejh | $137 | $107.43 | +0.0% | Feb 3, 2025 |
| Truist Financial | Joon Lee | $190 | $107.43 | +38.7% | Feb 3, 2025 |
| Robert W. Baird | Joel Beatty | $132 | $107.43 | -3.6% | Feb 3, 2025 |
| Guggenheim | Yatin Suneja | $135 | $99.49 | -1.5% | Nov 12, 2024 |
| Mizuho Securities | Graig Suvannavejh | $106 | $90.58 | -22.6% | Sep 11, 2024 |
| Wells Fargo | Cerena Chen | $140 | $88.86 | +2.2% | Sep 3, 2024 |
| H.C. Wainwright | Raghuram Selvaraju | $180 | $83.21 | +31.4% | Aug 6, 2024 |
| Bank of America Securities | Jason Gerberry | $106 | $83.93 | -22.6% | Aug 6, 2024 |
| RBC Capital | Leonid Timashev | $131 | $84.85 | -4.4% | Jul 22, 2024 |
| RBC Capital | Leonid Timashev | $130 | $72.24 | -5.1% | Jun 5, 2024 |
| Piper Sandler | David Amsellem | $115 | $75.19 | -16.1% | May 28, 2024 |
| Morgan Stanley | Vikram Purohit | $115 | $74.14 | -16.1% | Apr 29, 2024 |
| Mizuho Securities | Graig Suvannavejh | $109 | $79.17 | -20.4% | Mar 28, 2024 |
| Robert W. Baird | Joel Beatty | $108 | $72.54 | -21.2% | Mar 18, 2024 |
| Piper Sandler | Analyst unavailable | $75 | $73.34 | -45.3% | Jan 5, 2023 |
| BTIG | Robert Hazlett | $98 | $75.13 | -28.5% | Dec 23, 2022 |
| Morgan Stanley | Analyst unavailable | $86 | $74.95 | -37.2% | Nov 29, 2022 |
| Leerink Partners | Analyst unavailable | $85 | $74.74 | -38.0% | Nov 29, 2022 |
| Guggenheim | Analyst unavailable | $80 | $55.48 | -41.6% | Nov 11, 2022 |
| Truist Financial | Joon Lee | $150 | $59.03 | +9.5% | Aug 19, 2022 |
| Mizuho Securities | Analyst unavailable | $49 | $34.04 | -64.2% | May 3, 2022 |
| Morgan Stanley | Analyst unavailable | $27 | $30.59 | -80.3% | Apr 27, 2022 |
| Truist Financial | Joon Lee | $90 | $30.98 | -34.3% | Mar 1, 2022 |
| Bank of America Securities | Ashwani Verma | $25 | $23.78 | -81.8% | Aug 10, 2021 |
Track every rating change on AXSM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAxsome Therapeutics, Inc. is a biopharmaceutical company dedicated to discovering and advancing innovative treatments for a range of central nervous system (CNS) disorders within the United States. Its robust product pipeline features several promising candidates, including: AXS-05, an investigational therapy currently being developed for major depressive disorder and treatment-resistant depression. This compound is also in Phase III clinical evaluation for Alzheimer's disease agitation and has successfully finished Phase II trials investigating its use for smoking cessation.…
Historical context
All AXSM earningsHealthcare peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- UNMAFY2026 Q3 · November 3, 2026+1.9% EPS+0.5% move
- UNMFY2026 Q3 · November 3, 2026+1.9% EPS-17.8% move
- IFFFY2026 Q3 · November 3, 2026+2.1% EPS-4.9% move
- JKHYFY2027 Q1 · November 3, 2026+10.1% EPS+10.8% move
- HL-PBFY2026 Q3 · November 3, 2026+54.0% EPS— move
- SUFY2026 Q3 · November 3, 2026+20.9% EPS-4.5% move
Missed on EPS
- OHIFY2026 Q3 · November 3, 2026-42.5% EPS+3.5% move
- MOSFY2026 Q3 · November 3, 2026-1656.0% EPS+17.4% move
- OVVFY2026 Q3 · November 3, 2026-2.0% EPS-5.1% move
- BSACFY2026 Q3 · October 30, 2026-20.0% EPS-3.0% move
- TXFY2026 Q3 · November 3, 2026-24.9% EPS-0.0% move
- CHTFY2026 Q3 · November 4, 2026-55.7% EPS+0.9% move
Get the AXSM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-09-14T16:15:03.047760+00:00
- FN2 earnings calendar · 2026-09-15T01:23:15.305287+00:00
- Polygon adjusted daily market bars · 2026-09-20T21:51:50.036013+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-20T21:51:50.032223+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-20. For educational purposes only; not investment advice.