AXSM Stock Today (Nov. 25, 2025): Axsome Therapeutics Near Record Highs on 63% Revenue Surge

New York — November 25, 2025 — Axsome Therapeutics (NASDAQ: AXSM) heads into Tuesday’s session trading just below fresh record highs, powered by blockbuster growth from its depression drug Auvelity, the launch of migraine pill Symbravo, and a rapidly expanding neuroscience pipeline.

Shares closed on Monday, November 24, at $151.20, up 1.2% on the day and modestly higher in after-hours trading around $152. That puts AXSM near the top of its 52‑week range of $75.56 to $151.39, valuing the CNS-focused biotech at roughly $7.6 billion. ^[1]

Over the past year, Axsome’s stock has climbed more than 50% (around 54% on a 12‑month basis) and is up roughly 58% in 2025, easily outpacing the broader market and many biotech peers. ^[2]

AXSM stock price today: trading near all‑time highs

As of the latest available data ahead of Tuesday’s session:

Last close: $151.20 (Nov. 24, 2025)
After-hours quote: About $152.00 on Monday evening
Intraday range (Monday): roughly $148.02 – $151.39
52‑week range: $75.56 – $151.39
Market cap: ~$7.6 billion
Volume (Monday): ~540,000 shares, in line with its typical trading activity ^[3]

Earlier in November, AXSM set a new all‑time high near $144, and the rally has continued, pushing that ceiling into the low $150s. ^[4] According to Investor’s Business Daily, AXSM has re‑entered a “buy zone” and has outperformed the vast majority of stocks it tracks in 2025. ^[5]

Technically, the stock has been trading above key moving averages, with IBD highlighting that AXSM has held above both its 10‑week and 21‑day lines — a sign that institutional buyers remain active. ^[6]

Q3 2025: 63% revenue growth, but profits still out of reach

Axsome’s latest quarterly report, released on November 3, 2025, is a big part of why the stock is pressing higher.

Headline numbers (Q3 2025): ^[7]

Total net product revenue: $171.0 million
- Up 63% year over year
- Up 14% sequentially vs. Q2 2025
Net loss: $47.2 million, or –$0.94 per share
- Narrowing from a loss of –$1.34 per share in Q3 2024
- Slightly worse than consensus expectations of about –$0.90 per share
Cost of revenue: $11.9 million vs. $8.4 million a year ago
R&D expenses: $40.2 million (down from $45.4 million in Q3 2024)
SG&A expenses: $150.2 million (up sharply from $95.6 million)

On a trailing 12‑month basis, Axsome has generated roughly $561 million in revenue but still posted around $230 million in net losses, leaving its net margin solidly negative. ^[8]

In other words: the growth story is powerful, but profitability remains a work in progress.

Auvelity, Sunosi and Symbravo: three pillars of Axsome’s commercial story

Axsome now has three marketed CNS products, each contributing to the top line, but one clearly leads the pack.

Auvelity: the primary growth engine

What it is: An oral combination of dextromethorphan and bupropion (AXS‑05), marketed as Auvelity, approved for major depressive disorder (MDD) in adults. ^[9]
Q3 2025 sales:$136.1 million, up 69% year over year and 14% sequentially. ^[10]

Investor’s Business Daily notes that Auvelity remains Axsome’s biggest revenue driver, and revenue growth across the company has consistently clocked in between roughly 62% and 87% over the last several quarters. ^[11]

A big part of this surge is increased payer coverage and Axsome’s direct‑to‑consumer marketing campaign, which management says is boosting prescriptions and patient awareness. ^[12]

Sunosi: steady, high‑margin sleep‑wake franchise

Indication:Excessive daytime sleepiness in narcolepsy and obstructive sleep apnea. ^[13]
Q3 2025 net product revenue:$32.8 million, up 35% year over year and 9% sequentially. ^[14]

Sunosi gives Axsome a durable, branded sleep‑wake franchise with ongoing label‑expansion potential — Axsome is investigating solriamfetol (Sunosi’s active ingredient) in ADHD, MDD with excessive daytime sleepiness, binge‑eating disorder and shift‑work disorder, which could significantly broaden its addressable market over time. ^[15]

Symbravo: newly launched migraine pill with early traction

Indication:Acute treatment of migraine with or without aura in adults. ^[16]
Regulatory milestone: U.S. FDA approval in January 2025, with U.S. launch in June 2025. ^[17]
Sales:
- Q2 2025: ~$0.4 million following mid‑quarter launch ^[18]
- Q3 2025: $2.1 million, its first full quarter of commercialization. ^[19]

Symbravo combines meloxicam (an NSAID) and rizatriptan (a triptan) in a single tablet, aiming for rapid and durable migraine relief. Clinical data show meaningful pain freedom as quickly as two hours for many patients, with some experiencing relief that can last up to 48 hours. ^[20]

Early revenue is small compared with Auvelity or Sunosi, but payer coverage and prescriber awareness are still ramping. If Axsome executes on access and marketing, Symbravo could become a solid third commercial leg in a very large migraine market.

Pipeline catalysts: Alzheimer’s agitation, narcolepsy, smoking cessation and epilepsy

Beyond its commercial portfolio, Axsome’s late‑stage pipeline is arguably the main reason analysts remain bullish on AXSM even with ongoing losses.

AXS‑05 for Alzheimer’s disease agitation (sNDA submitted)

AXS‑05 — the same dextromethorphan/bupropion backbone behind Auvelity — is being developed for Alzheimer’s disease agitation, a debilitating symptom that affects millions of patients and caregivers. ^[21]

Key updates:

Axsome has submitted a supplemental New Drug Application (sNDA) to the FDA for AXS‑05 in Alzheimer’s agitation. ^[22]
The program has FDA Breakthrough Therapy designation for this indication. ^[23]
Phase 3 data from the ACCORD‑2 randomized withdrawal study were highlighted at Psych Congress 2025, supporting efficacy and safety in this population. ^[24]

If approved, AXS‑05 could become only the second FDA‑approved drug for Alzheimer’s agitation in the U.S., expanding Auvelity’s underlying chemistry into a high‑unmet‑need neuropsychiatric market. ^[25]

AXS‑12 for narcolepsy: regulatory filing on deck

AXS‑12 is Axsome’s late‑stage candidate for narcolepsy, where Phase 3 trials such as SYMPHONY and its extension ENCORE have demonstrated improvements in symptom severity and functional impairment. ^[26]

According to Axsome’s own guidance and third‑party coverage:

The company plans to submit an NDA for AXS‑12 in narcolepsy in Q4 2025. ^[27]
The program was prominently featured at Psych Congress 2025, reinforcing the strength of the dataset. ^[28]

An eventual approval could position Axsome as a broader leader in sleep and wakefulness disorders, with AXS‑12 complementing Sunosi.

AXS‑05 for smoking cessation

Axsome is also taking AXS‑05 into smoking cessation, where current treatment options leave substantial room for improvement.

The company plans to initiate a pivotal Phase 2/3 trial of AXS‑05 in smoking cessation in Q4 2025. ^[29]

This indication sits at the intersection of psychiatry and addiction medicine — and while it’s higher risk commercially than Alzheimer’s agitation, success would add another potential revenue stream from the same underlying molecule.

Solriamfetol (Sunosi) expansion programs

Beyond its current use in narcolepsy and OSA, Axsome is advancing solriamfetol in multiple potential indications: ^[30]

ADHD
MDD with excessive daytime sleepiness
Binge‑eating disorder
Shift‑work disorder

Top‑line readouts from some of these studies, such as ENGAGE and SUSTAIN, are expected in 2026, setting up additional medium‑term catalysts. ^[31]

AXS‑17 (formerly AZD7325): stepping into epilepsy

On November 6, 2025, Axsome announced that it had acquired BAER‑101 / AZD7325, a selective GABA_A α2,3 receptor positive allosteric modulator from AstraZeneca, via the purchase of Fortress Biotech subsidiary Baergic Bio. Axsome will refer to this molecule as AXS‑17. ^[32]

Key points: ^[33]

Axsome now holds exclusive global rights to AXS‑17.
The drug has completed Phase 1 trials and has been studied in over 700 patients, showing a favorable safety and tolerability profile.
Axsome plans to advance AXS‑17 into epilepsy, beginning Phase 2‑enabling work in 2026.
Deal terms include modest upfront payments plus up to $79 million in potential milestones and tiered mid‑to‑high single‑digit royalties to the original licensors.

This deal pushes Axsome into epilepsy — another large CNS market with meaningful unmet need — and underscores management’s intent to build a diversified neuroscience franchise rather than a single‑product story.

Analyst ratings and AXSM stock forecast

On Wall Street, sentiment toward AXSM is overwhelmingly positive, though not unanimous.

According to StockAnalysis, 20 analysts currently rate Axsome a “Strong Buy,” with an average 12‑month price target of $176, implying roughly 16% upside from Monday’s close. ^[34]
Benzinga and other aggregators put the consensus target in the $170–$180 range, with individual targets spanning from about $125 on the low end to $205 on the high end. ^[35]
On November 4, Guggenheim raised its AXSM price target from $200 to $205 while maintaining a Buy rating, citing continued confidence in Axsome’s growth runway. ^[36]
Other recent bullish calls include Buy or Overweight ratings from Mizuho, RBC Capital, Wells Fargo, Morgan Stanley, B. Riley and William Blair, many of which were issued after Q2 and Q3 earnings. ^[37]

From a fundamentals angle, Yahoo‑linked analysis highlights that while Axsome’s net margin remains negative, consensus models call for earnings to grow more than 60% annually and revenue to rise by over 30% per year over the next several years. ^[38]

Investor’s Business Daily goes a step further, projecting that Axsome could turn profitable in the second half of 2026, with Wall Street expecting about –$3.81 EPS in 2025 followed by $0.36 EPS in 2026 if the ramp continues. ^[39]

Not everyone is bullish

Some independent research voices remain cautious:

A recent Seeking Alpha piece assigned Axsome a “Sell” rating, arguing that its CNS pipeline is not sufficiently differentiated and that heavy SG&A spending, especially for Auvelity marketing, keeps profitability distant despite robust revenue growth. ^[40]

The divergence between strong sell‑side optimism and more skeptical independent views is a reminder that Axsome is still a high‑beta biotech story whose valuation rests heavily on future execution and pipeline success.

Key risks for AXSM investors to consider

Even with the stock near record highs and analysts broadly bullish, AXSM carries substantial risks:

Sustained losses and cash usage
- Despite fast‑growing revenue, Axsome remains unprofitable, with a trailing‑12‑month loss of ~$230 million. ^[41]
- SG&A spending is rising quickly due to sales‑force expansion and direct‑to‑consumer advertising for Auvelity and the launch of Symbravo.
Regulatory and clinical risk
- The AXS‑05 sNDA for Alzheimer’s agitation must first be accepted for review and then survive the FDA approval process — any delay, request for more data, or rejection could hit sentiment hard. ^[42]
- The planned AXS‑12 NDA for narcolepsy and future solriamfetol and AXS‑17 trials all carry standard biotech clinical and regulatory uncertainties. ^[43]
Competitive pressure
- Axsome competes against large pharmaceutical companies in depression, migraine, sleep disorders and Alzheimer’s‑related symptoms, many with deep pockets, established sales channels, and their own pipelines. ^[44]
Legal and corporate‑governance overhang
- Law firm Halper Sadeh LLC recently announced an investigation into whether certain Axsome officers and directors may have breached their fiduciary duties to shareholders. Such investigations are relatively common in fast‑moving growth stories, but they add an element of uncertainty and headline risk. ^[45]
Valuation and volatility
- With the stock having gained over 50% in twelve months and trading near all‑time highs, any disappointment — earnings, regulatory news, or broader market volatility — could trigger sharp pullbacks. ^[46]

Should you buy AXSM stock today?

From a purely descriptive standpoint, here’s how AXSM looks as of November 25, 2025:

Bullish points:
- Rapid revenue growth (63% YoY in Q3) with strong momentum from Auvelity and Sunosi. ^[47]
- Three commercial products with expanding payer coverage and market penetration. ^[48]
- Multiple late‑stage pipeline shots on goal — notably AXS‑05 in Alzheimer’s agitation and AXS‑12 in narcolepsy. ^[49]
- Strong institutional ownership and a cluster of recent analyst upgrades and price‑target hikes, including Guggenheim’s move to $205. ^[50]
Bearish points:
- The company is still burning cash and relies on future growth (and potential approvals) to justify its valuation. ^[51]
- Key value drivers depend on regulatory decisions and successful commercialization in competitive markets. ^[52]
- Some analysts and commentators argue that marketing‑driven growth and high operating costs could limit near‑term shareholder returns. ^[53]

Ultimately, whether AXSM is appropriate for your portfolio depends on your risk tolerance, time horizon, and view of Axsome’s ability to execute on its late‑stage pipeline. Biotech names like Axsome can be rewarding but are also volatile, and outcomes can hinge on a small number of clinical and regulatory events.

This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Consider speaking with a qualified financial adviser before making investment decisions.

READY TO SWING HIGHER : AXSM STOCK ANALYSIS | AXSOME THERAPEUTICS INC STOCK