Axsome Therapeutics (NASDAQ:AXSM) Given “Overweight” Rating at Piper Sandler

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Sandler in a report released on Friday, September 18th, Benzinga reports. They currently have a $258.00 price objective on the stock. Piper Sandler’s target price points to a potential upside of 32.25% from the company’s previous close.

A number of other research firms have also recently commented on AXSM. Mizuho lifted their price target on Axsome Therapeutics from $306.00 to $316.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Truist Financial raised shares of Axsome Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. BMO Capital Markets assumed coverage on shares of Axsome Therapeutics in a research report on Monday, July 20th. They issued an “outperform” rating and a $310.00 price objective on the stock. Wells Fargo & Company increased their price objective on shares of Axsome Therapeutics from $255.00 to $256.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.65.

Axsome Therapeutics Stock Down 0.5%

Shares of Axsome Therapeutics stock traded down $0.94 on Friday, reaching $195.09. 838,177 shares of the company were exchanged, compared to its average volume of 743,550. Axsome Therapeutics has a one year low of $115.72 and a one year high of $260.19. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 1.52. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of -52.02 and a beta of 0.71. The company has a 50-day moving average of $214.53 and a 200 day moving average of $211.31.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%.The business had revenue of $218.38 million for the quarter, compared to the consensus estimate of $221.11 million. On average, equities research analysts forecast that Axsome Therapeutics will post -2.8 earnings per share for the current year.

Insider Activity

In related news, COO Mark Jacobson sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the completion of the sale, the chief operating officer owned 10,000 shares of the company’s stock, valued at $2,086,500. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Herriot Tabuteau sold 4,660 shares of Axsome Therapeutics stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $213.95, for a total value of $997,007.00. Following the completion of the transaction, the chief executive officer owned 7,229 shares in the company, valued at approximately $1,546,644.55. The trade was a 39.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,330 shares of company stock valued at $24,557,062 in the last ninety days. 20.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of AXSM. BlackRock Inc. bought a new stake in shares of Axsome Therapeutics during the second quarter worth about $759,695,000. Geode Capital Management LLC raised its position in Axsome Therapeutics by 1.3% during 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. Assenagon Asset Management S.A. raised its position in Axsome Therapeutics by 85.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 865,958 shares of the company’s stock worth $146,364,000 after purchasing an additional 397,976 shares during the last quarter. First Trust Advisors LP raised its position in Axsome Therapeutics by 1,230.2% during the 1st quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock worth $97,606,000 after purchasing an additional 534,066 shares during the last quarter. Finally, Norges Bank bought a new position in Axsome Therapeutics during the 4th quarter worth $90,490,000. Institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company’s research programs address conditions with substantial unmet medical needs, including depression, migraine, narcolepsy, excessive daytime sleepiness, agitation associated with Alzheimer’s disease, and other neurological or psychiatric disorders.

Axsome’s commercial portfolio includes Auvelity, an oral medicine approved in the United States for the treatment of major depressive disorder in adults.