Axsome Therapeutics (NASDAQ:AXSM) Stock Price Target Cut by Piper Sandler

Axsome Therapeutics (NASDAQ:AXSM) had its price objective reduced by equities researchers at Piper Sandler from $258.00 to $238.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler‘s price objective suggests a potential upside of 64.09% from the company’s current price.

AXSM has been the subject of a number of other reports. Morgan Stanley lowered their price target on shares of Axsome Therapeutics from $251.00 to $247.00 and set an “equal weight” rating for the company in a report on Friday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Thursday, October 15th. Needham & Company LLC boosted their price objective on shares of Axsome Therapeutics from $267.00 to $268.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Wells Fargo & Company upped 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, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Axsome Therapeutics from $280.00 to $267.00 and set a “buy” rating for the company in a research report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $274.68.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock opened at $145.04 on Monday. The stock’s 50 day moving average price is $191.71 and its 200 day moving average price is $212.44. The firm has a market capitalization of $7.60 billion, a PE ratio of -38.68 and a beta of 0.86. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.34 and a current ratio of 1.43. Axsome Therapeutics has a one year low of $123.50 and a one year high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data 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). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The firm had revenue of $218.38 million for the quarter, compared to analysts’ expectations of $221.11 million. As a group, sell-side analysts expect that Axsome Therapeutics will post -2.97 EPS for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other news, CEO Herriot Tabuteau sold 45,004 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $212.01, for a total value of $9,541,298.04. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at approximately $1,532,620.29. The trade was a 86.16% decrease in their position. 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 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 in the company, valued at approximately $2,086,500. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 59,664 shares of company stock valued at $12,624,805. 20.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Several large investors have recently modified their holdings of AXSM. GAMMA Investing LLC raised its position in shares of Axsome Therapeutics by 14.9% during the second quarter. GAMMA Investing LLC now owns 347 shares of the company’s stock valued at $85,000 after buying an additional 45 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in shares of Axsome Therapeutics by 4.7% in the second quarter. Concurrent Investment Advisors LLC now owns 1,739 shares of the company’s stock valued at $426,000 after buying an additional 78 shares during the period. Assetmark Inc. lifted its stake in shares of Axsome Therapeutics by 7.2% in the first quarter. Assetmark Inc. now owns 1,182 shares of the company’s stock valued at $200,000 after buying an additional 79 shares during the period. Allworth Financial LP grew its position in Axsome Therapeutics by 5.7% during the second quarter. Allworth Financial LP now owns 1,566 shares of the company’s stock worth $383,000 after buying an additional 84 shares in the last quarter. Finally, Praxis Investment Management Inc. grew its position in Axsome Therapeutics by 10.0% during the first quarter. Praxis Investment Management Inc. now owns 1,265 shares of the company’s stock worth $214,000 after buying an additional 115 shares in the last quarter. 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. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.