Analyst Consensus ?
ConsensusBuy27 ratings
Bullish2696.3%
Neutral13.7%
Bearish00.0%
Axsome Therapeutics, Inc. · AXSM · FY2026 Q3 · Calendar Q4 2026
Axsome reports Q3 growth led by AUVELITY; pipeline advances
Q3 management commentary supports a growth thesis built around AUVELITY adoption and contributions from SUNOSI and SYMBRAVO, alongside a late-stage pipeline. The evidence remains balanced by reimbursement, gross-to-net, competition and clinical execution risks.
Reported Before market openNASDAQHealthcare
$7.57B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $-0.63
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $249.2M
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-14.0%
Event window
SPY move
+0.6%
Same window
Abnormal move
-14.6%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
AXSMSPY benchmark
Ask FN2 about AXSM FY2026 Q3
Transcript, numbers and history already loaded
What drove AXSM's -14.0% move after FY2026 Q3 earnings?What changed in AXSM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AXSM after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported AUVELITY gross-to-net discounts in the mid- to high-40% range in Q3, with a slight seasonal increase expected in Q4. The Q3 call also described continued commercial growth and a narrower net loss; no formal guidance was provided in the supplied analysis.
Guidance delta
No formal guidance was provided in the supplied analysis. Management expects a slight seasonal increase in AUVELITY gross-to-net discounts in Q4 and outlined pipeline trial plans extending into 2027.
Key takeaways
- The supplied analysis says Q3 revenue was $260 million, with the commercial portfolio growing 52% year over year.
- AUVELITY sales were $208 million, up 53% year over year; SUNOSI and SYMBRAVO revenue grew 47% and 382%, respectively.
- The analysis reports a $12.9 million net loss and $314 million in cash; management expects cash to fund operations into cash-flow positivity.
- Management discussed advancing solriamfetol and AXS-05 label-expansion work and plans for AXS-20 and AXS-17 trials in 2027.
Management priorities
- Continue expanding AUVELITY adoption, including primary-care prescriber activation.
- Advance solriamfetol label-expansion trials across the indications identified on the call.
- Progress AXS-05 smoking-cessation Phase III work, with topline results planned for H2 2027.
- Prepare AXS-12 for its FDA review and advance planned AXS-20 and AXS-17 trials.
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Analyst 52W Price Targets
$133.94Current
$25Low
$227.83Average
$380High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 2, 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 |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Oct 26, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 8, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Sep 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 25, 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 |
| Guggenheim | Buy | Buy | Maintain | Aug 11, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jun 17, 2026 |
| Baird | Outperform | Outperform | Maintain | May 5, 2026 |
| Jefferies | Buy | Buy | Maintain | May 4, 2026 |
| UBS | Buy | Buy | Maintain | Apr 10, 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 $133.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $238 | $145.04 | +77.7% | Oct 26, 2026 |
| RBC Capital | Analyst unavailable | $295 | $168.6 | +120.3% | Oct 8, 2026 |
| Deutsche Bank | Analyst unavailable | $267 | $188.66 | +99.4% | Sep 29, 2026 |
| Morgan Stanley | Analyst unavailable | $247 | $198.57 | +84.4% | Sep 25, 2026 |
| Truist Financial | Srikripa Devarakonda | $285 | $203.1 | +112.8% | Sep 23, 2026 |
| Mizuho Securities | Graig Suvannavejh | $316 | $215.77 | +135.9% | Aug 12, 2026 |
| RBC Capital | Leonid Timashev | $297 | $219 | +121.7% | Aug 11, 2026 |
| Morgan Stanley | Analyst unavailable | $251 | $221.21 | +87.4% | Aug 11, 2026 |
| Needham | Ami Fadia | $268 | $220.89 | +100.1% | Aug 11, 2026 |
| Guggenheim | Analyst unavailable | $275 | $220.89 | +105.3% | Aug 11, 2026 |
| Wells Fargo | Analyst unavailable | $256 | $220.89 | +91.1% | Aug 11, 2026 |
| BMO Capital | Malcolm Hoffman | $310 | $221.64 | +131.5% | Jul 20, 2026 |
| RBC Capital | Leonid Timashev | $304 | $242.6 | +127.0% | Jul 7, 2026 |
| Jefferies | Andrew Tsai | $380 | $246.34 | +183.7% | Jun 11, 2026 |
| Deutsche Bank | David Hoang | $280 | $230.1 | +109.1% | May 5, 2026 |
| Morgan Stanley | Analyst unavailable | $242 | $230.11 | +80.7% | May 5, 2026 |
| Needham | Analyst unavailable | $267 | $230.63 | +99.4% | May 5, 2026 |
| RBC Capital | Leonid Timashev | $302 | $231 | +125.5% | May 5, 2026 |
| Robert W. Baird | Brian Skorney | $246 | $223.7 | +83.7% | May 5, 2026 |
| H.C. Wainwright | Analyst unavailable | $290 | $223.7 | +116.5% | May 5, 2026 |
| Oppenheimer | Analyst unavailable | $280 | $223.34 | +109.1% | May 4, 2026 |
| Guggenheim | Yatin Suneja | $260 | $227.31 | +94.1% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $258 | $227.26 | +92.6% | May 4, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $272 | $227.39 | +103.1% | May 4, 2026 |
| Jefferies | Andrew Tsai | $275 | $227.92 | +105.3% | May 4, 2026 |
| Deutsche Bank | David Hoang | $281 | $227.35 | +109.8% | May 4, 2026 |
| H.C. Wainwright | Raghuram Selvaraju | $270 | $206.53 | +101.6% | May 4, 2026 |
| Oppenheimer | Analyst unavailable | $250 | $201.03 | +86.7% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $217 | $207.75 | +62.0% | Apr 30, 2026 |
| UBS | Analyst unavailable | $259 | $179.26 | +93.4% | Apr 10, 2026 |
| RBC Capital | Analyst unavailable | $222 | $168.35 | +65.8% | Feb 24, 2026 |
| UBS | Analyst unavailable | $251 | $170.81 | +87.4% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $207 | $174.76 | +54.6% | Feb 24, 2026 |
| Guggenheim | Analyst unavailable | $220 | $174.76 | +64.3% | Feb 24, 2026 |
| Wells Fargo | Analyst unavailable | $202 | $174.76 | +50.8% | Feb 24, 2026 |
| Wolfe Research | Rudy Li | $230 | $174.76 | +71.7% | Feb 23, 2026 |
| Truist Financial | Joon Lee | $200 | $173.55 | +49.3% | Feb 23, 2026 |
| Jefferies | Analyst unavailable | $215 | $173.9 | +60.5% | Feb 23, 2026 |
| Mizuho Securities | Analyst unavailable | $230 | $184.74 | +71.7% | Feb 19, 2026 |
| RBC Capital | Leonid Timashev | $219 | $184.5 | +63.5% | Jan 21, 2026 |
| H.C. Wainwright | Analyst unavailable | $260 | $177.27 | +94.1% | Jan 20, 2026 |
| Piper Sandler | Analyst unavailable | $223 | $174.14 | +66.5% | Jan 16, 2026 |
| Robert W. Baird | Analyst unavailable | $209 | $175.98 | +56.0% | Jan 13, 2026 |
| Wells Fargo | Analyst unavailable | $193 | $176.82 | +44.1% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $204 | $170.69 | +52.3% | Jan 8, 2026 |
| UBS | Analyst unavailable | $248 | $175.14 | +85.2% | Jan 6, 2026 |
| Needham | Ami Fadia | $225 | $178.69 | +68.0% | Jan 5, 2026 |
| H.C. Wainwright | Raghuram Selvaraju | $200 | $178.69 | +49.3% | Jan 5, 2026 |
| Guggenheim | Yatin Suneja | $205 | $179.14 | +53.1% | Jan 2, 2026 |
| Mizuho Securities | Graig Suvannavejh | $217 | $182.86 | +62.0% | Dec 31, 2025 |
| Oppenheimer | Jay Olson | $220 | $182.64 | +64.3% | Dec 31, 2025 |
| H.C. Wainwright | Analyst unavailable | $185 | $134.11 | +38.1% | Nov 4, 2025 |
| RBC Capital | Analyst unavailable | $198 | $133.5 | +47.8% | Nov 4, 2025 |
| Morgan Stanley | Analyst unavailable | $196 | $133.81 | +46.3% | Nov 4, 2025 |
| Wells Fargo | Analyst unavailable | $157 | $135.75 | +17.2% | Nov 4, 2025 |
| Morgan Stanley | Sean Laaman | $194 | $127.94 | +44.8% | Oct 20, 2025 |
| Wells Fargo | Analyst unavailable | $163 | $123.47 | +21.7% | Sep 2, 2025 |
| Robert W. Baird | Joel Beatty | $162 | $112.16 | +21.0% | May 6, 2025 |
| Mizuho Securities | Graig Suvannavejh | $216 | $121.77 | +61.3% | Mar 27, 2025 |
| Robert W. Baird | Analyst unavailable | $160 | $127.15 | +19.5% | Mar 3, 2025 |
| Mizuho Securities | Graig Suvannavejh | $137 | $107.43 | +2.3% | Feb 3, 2025 |
| Truist Financial | Joon Lee | $190 | $107.43 | +41.9% | Feb 3, 2025 |
| Robert W. Baird | Joel Beatty | $132 | $107.43 | -1.4% | Feb 3, 2025 |
| Guggenheim | Yatin Suneja | $135 | $99.49 | +0.8% | Nov 12, 2024 |
| Mizuho Securities | Graig Suvannavejh | $106 | $90.58 | -20.9% | Sep 11, 2024 |
| Wells Fargo | Cerena Chen | $140 | $88.86 | +4.5% | Sep 3, 2024 |
| H.C. Wainwright | Raghuram Selvaraju | $180 | $83.21 | +34.4% | Aug 6, 2024 |
| Bank of America Securities | Jason Gerberry | $106 | $83.93 | -20.9% | Aug 6, 2024 |
| RBC Capital | Leonid Timashev | $131 | $84.85 | -2.2% | Jul 22, 2024 |
| RBC Capital | Leonid Timashev | $130 | $72.24 | -2.9% | Jun 5, 2024 |
| Piper Sandler | David Amsellem | $115 | $75.19 | -14.1% | May 28, 2024 |
| Morgan Stanley | Vikram Purohit | $115 | $74.14 | -14.1% | Apr 29, 2024 |
| Mizuho Securities | Graig Suvannavejh | $109 | $79.17 | -18.6% | Mar 28, 2024 |
| Robert W. Baird | Joel Beatty | $108 | $72.54 | -19.4% | Mar 18, 2024 |
| Piper Sandler | Analyst unavailable | $75 | $73.34 | -44.0% | Jan 5, 2023 |
| BTIG | Robert Hazlett | $98 | $75.13 | -26.8% | Dec 23, 2022 |
| Morgan Stanley | Analyst unavailable | $86 | $74.95 | -35.8% | Nov 29, 2022 |
| Leerink Partners | Analyst unavailable | $85 | $74.74 | -36.5% | Nov 29, 2022 |
| Guggenheim | Analyst unavailable | $80 | $55.48 | -40.3% | Nov 11, 2022 |
| Truist Financial | Joon Lee | $150 | $59.03 | +12.0% | Aug 19, 2022 |
| Mizuho Securities | Analyst unavailable | $49 | $34.04 | -63.4% | May 3, 2022 |
| Morgan Stanley | Analyst unavailable | $27 | $30.59 | -79.8% | Apr 27, 2022 |
| Truist Financial | Joon Lee | $90 | $30.98 | -32.8% | Mar 1, 2022 |
| Bank of America Securities | Ashwani Verma | $25 | $23.78 | -81.3% | 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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| IDXX IDEXX Laboratories, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +19.5% | IDEXX raises 2026 outlook as diagnostics, placements and software support growth |
| TEM Tempus AI, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +9.5% | Tempus pairs Q3 growth with new partnerships and execution risks |
| SNY Sanofi | FY2026 Q3 · Calendar Q4 2026 | +30.8% | +2.8% | Sanofi lifts 2026 outlook as Dupixent and launches drive Q3 growth |
| AZN AstraZeneca PLC | FY2026 Q3 · Calendar Q4 2026 | +7.3% | +7.0% | AstraZeneca pairs solid growth with pipeline investment and restructuring |
| BTSG BrightSpring Health Services, Inc. Common Stock | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +11.1% | BrightSpring posts strong Q3 growth while maintaining guidance |
| ABBV AbbVie Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.4% | +1.4% | AbbVie raises 2026 guidance as Skyrizi and Rinvoq drive Q3 growth |
Latest beats and misses
Who reports nextBeat on EPS
- SNYFY2026 Q3 · October 30, 2026+30.8% EPS+2.8% move
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— 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 · 2026-11-02T16:05:33.809126+00:00
- FN2 earnings calendar · 2026-11-02T01:23:13.261602+00:00
- Polygon adjusted daily market bars · 2026-11-02T16:30:46.588496+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T16:30:46.585908+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 2026-11-02. For educational purposes only; not investment advice.