Professional
Added to YB: 2024-06-12
Pitch date: 2024-06-11
AXSM [bearish]
Axsome Therapeutics, Inc.
-103.59%
current return
Author Info
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Company Info
Axsome Therapeutics, Inc., a biopharmaceutical company, develops and delivers novel therapies for the management of central nervous system (CNS) disorders in the United States.
Market Cap
$7.0B
Pitch Price
$72.78
Price Target
N/A
Dividend
N/A
EV/EBITDA
-37.72
P/E
-29.96
EV/Sales
12.36
Sector
Pharmaceuticals
Category
special_situation
[short] Axsome Therapeutics (AXSM): Going Off Script
AXSM: Short Axsome. Undisclosed consignment deals with dodgy mail-order pharmacies subvert prior auths, inflating script counts & revs. $1K/mo vs $32 generic combo. Former reps & pharmacies confirm steering patients to fill w/o PAs. We got Rx for $10 w/o PA. $188.6M revs but A/R +$81M=148 DSO (vs claimed 60). Possibilities: free goods program, rev restatement & A/R writedown coming, or insurance fraud. Pharmacies have prior kickback & fake PA allegations. Auditor flagged rev rec issues, changed mid-2023. First insider sales since IPO. Risks abound.
Read full article (23 min)