Axsome Therapeutics (NASDAQ:AXSM) Price Target Cut to $295.00 by Analysts at Royal Bank Of Canada

Axsome Therapeutics (NASDAQ:AXSM) had its price objective lowered by research analysts at Royal Bank Of Canada from $297.00 to $295.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 74.39% from the stock’s previous close.

AXSM has been the subject of several other reports. Guggenheim lifted their target price on Axsome Therapeutics from $260.00 to $275.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $380.00 price target on shares of Axsome Therapeutics in a research note on Thursday, June 11th. Mizuho lifted their price objective on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Piper Sandler reissued an “overweight” rating and issued a $258.00 price objective on shares of Axsome Therapeutics in a research report on Friday, September 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Axsome Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $275.74.

Axsome Therapeutics Trading Down 2.2%

Shares of AXSM traded down $3.81 during mid-day trading on Thursday, reaching $169.16. 135,761 shares of the company’s stock traded hands, compared to its average volume of 751,293. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34. The stock’s 50-day moving average is $205.22 and its two-hundred day moving average is $212.78. Axsome Therapeutics has a 12 month low of $118.71 and a 12 month high of $260.19. The stock has a market cap of $8.86 billion, a P/E ratio of -45.37 and a beta of 0.86.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). The business had revenue of $218.38 million for the quarter, compared to the consensus estimate of $221.11 million. Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%. Research analysts forecast that Axsome Therapeutics will post -2.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 45,004 shares of Axsome Therapeutics stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $212.01, for a total value of $9,541,298.04. Following the transaction, the chief executive officer owned 7,229 shares in the company, valued at $1,532,620.29. The trade was a 86.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the transaction, the chief operating officer owned 10,000 shares in the company, valued at $2,086,500. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 59,664 shares of company stock valued at $12,624,805. Corporate insiders own 20.60% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Several hedge funds have recently modified their holdings of AXSM. Hollencrest Capital Management raised its stake in shares of Axsome Therapeutics by 400.0% during the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company’s stock worth $34,000 after acquiring an additional 160 shares in the last quarter. ABS Direct Equity Fund LLC acquired a new stake in Axsome Therapeutics in the second quarter valued at approximately $60,000. Silvant Capital Management LLC purchased a new position in Axsome Therapeutics in the second quarter worth $66,000. Caitong International Asset Management Co. Ltd purchased a new position in Axsome Therapeutics in the fourth quarter worth $76,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Axsome Therapeutics by 505.4% during the second quarter. Parkside Financial Bank & Trust now owns 339 shares of the company’s stock worth $83,000 after purchasing an additional 283 shares in the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company uses differentiated product candidates and targeted mechanisms to address conditions with significant unmet medical needs, including depression, sleep disorders, migraine, and other neurological or psychiatric diseases.

Axsome’s lead commercial product is Auvelity (dextromethorphan hydrobromide and bupropion hydrochloride), an oral medicine approved in the United States for the treatment of major depressive disorder in adults.