Axsome Therapeutics (NASDAQ:AXSM) Upgraded to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Axsome Therapeutics (NASDAQ:AXSM) to a strong-buy rating in a report issued on Monday,Zacks.com reports.

A number of other research firms have also issued reports on AXSM. TD Cowen reissued a “buy” rating on shares of Axsome Therapeutics in a report on Friday, May 1st. Wells Fargo & Company boosted their price objective on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Wolfe Research started coverage on shares of Axsome Therapeutics in a research note on Monday, February 23rd. They issued an “outperform” rating and a $230.00 target price for the company. Mizuho boosted their price target on shares of Axsome Therapeutics from $228.00 to $310.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $272.00 price target on shares of Axsome Therapeutics in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $256.79.

Axsome Therapeutics Trading Down 0.7%

Shares of Axsome Therapeutics stock opened at $253.40 on Monday. The company has a fifty day simple moving average of $212.64 and a 200-day simple moving average of $182.89. The stock has a market cap of $13.04 billion, a price-to-earnings ratio of -67.94 and a beta of 0.61. Axsome Therapeutics has a 12-month low of $96.09 and a 12-month high of $257.92. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27.

Axsome Therapeutics (NASDAQ:AXSM) last announced its earnings results on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.41). Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The business had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities analysts forecast that Axsome Therapeutics will post -2.27 EPS for the current fiscal year.

Insider Transactions at Axsome Therapeutics

In other Axsome Therapeutics news, Director Roger Jeffs sold 286 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $246.18, for a total transaction of $70,407.48. Following the sale, the director directly owned 58,653 shares of the company’s stock, valued at $14,439,195.54. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mark Coleman sold 643 shares of Axsome Therapeutics stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $249.00, for a total value of $160,107.00. Following the completion of the sale, the director owned 30,389 shares of the company’s stock, valued at $7,566,861. This trade represents a 2.07% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 113,686 shares of company stock worth $26,666,006 in the last quarter. Insiders own 20.60% of the company’s stock.

Institutional Trading of Axsome Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Axsome Therapeutics by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company’s stock valued at $507,739,000 after purchasing an additional 235,626 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Axsome Therapeutics by 45.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company’s stock valued at $275,763,000 after buying an additional 472,422 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Axsome Therapeutics by 84.1% during the third quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock worth $162,082,000 after buying an additional 609,516 shares in the last quarter. Invesco Ltd. raised its holdings in Axsome Therapeutics by 28.6% in the fourth quarter. Invesco Ltd. now owns 1,273,494 shares of the company’s stock valued at $232,591,000 after acquiring an additional 282,937 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Axsome Therapeutics by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 1,010,249 shares of the company’s stock worth $184,544,000 after purchasing an additional 12,549 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors and hedge funds.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.