Axsome Therapeutics COO Exits Entirely as He and Director Sell $9.8M in AXSM Stock

Axsome Therapeutics COO Sells Entire Position; Director Follows With $4M Sale

Axsome Therapeutics (AXSM) COO Mark Jacobson sold all 35,378 of his remaining shares on February 26, 2026, at an average price of $161.88 per share — a $5.7 million transaction that left him with zero AXSM stock. The same day, Director Mark Coleman sold 25,000 shares at $161.11, pocketing $4 million. Combined, the two insiders offloaded $9.8 million in a single session.

Jacobson’s complete exit is the headline signal. A COO selling his entire equity stake — not trimming, not rebalancing, but zeroing out — is one of the strongest insider selling signals the market tracks.

Transaction Breakdown

Insider	Role	Date	Shares	Avg Price	Est. Value	Shares After
Mark L. Jacobson	COO (Officer)	Feb 26, 2026	35,378	$161.88	$5,726,991	0
Mark Coleman	Director	Feb 26, 2026	25,000	$161.11	$4,027,750	47,140

Combined total: $9,754,741 across two insiders on the same day.

Context: Coleman’s Reversal and Jacobson’s Career Total

Coleman’s sell is particularly notable because he had bought 1,575 AXSM shares worth over $200,000 on the open market in September 2025 — a typically bullish signal from a board member. Five months later, he reversed that conviction with a $4 million sale, exercising options at $4.95 throughout February before selling at $161. That is a 3,154% spread between exercise price and sale price.

Jacobson, who has been an officer since 2020, had accumulated $19.9 million in career AXSM sales before this final exit. This transaction closes the book on his equity position at the company entirely.

Reading the Signal

Two insiders selling on the same day does not automatically signal distress — pre-arranged 10b5-1 plans can produce synchronized transactions. But the combination of a COO completely exiting and a director who recently bought now selling at scale is harder to dismiss as routine.

Coleman’s option exercises (code M) on February 10, 20, and 23 preceded the sale, suggesting a planned exercise-and-sell sequence. Jacobson’s transaction shows no corresponding exercise — he sold outright from existing holdings.

What to Watch

• Upcoming earnings: Any guidance changes or pipeline updates that may have prompted the timing
• Additional insider filings: Whether other AXSM officers or directors file Form 4 sells in the coming weeks
• 10b5-1 plan disclosures: Whether either insider had a pre-existing trading plan — this would soften the signal considerably
• Institutional holdings: Check whether AXSM’s institutional holder page shows concurrent position reductions from 13F filers