Axsome Therapeutics’ (AXSM) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research report released on Friday morning,Benzinga reports. They currently have a $258.00 price objective on the stock.

AXSM has been the topic of several other reports. HC Wainwright reiterated a “buy” rating and set a $290.00 price target on shares of Axsome Therapeutics in a research report on Monday, August 31st. Needham & Company LLC raised their target price on Axsome Therapeutics from $267.00 to $268.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Morgan Stanley lifted their target price on Axsome Therapeutics from $242.00 to $251.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Zacks Research upgraded shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $380.00 price target on shares of Axsome Therapeutics in a report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $267.60.

Axsome Therapeutics Price Performance

Axsome Therapeutics stock opened at $207.78 on Friday. Axsome Therapeutics has a 52 week low of $114.91 and a 52 week high of $260.19. The stock has a market cap of $10.88 billion, a price-to-earnings ratio of -55.41 and a beta of 0.71. The company’s 50-day moving average price is $217.33 and its two-hundred day moving average price is $210.28. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 1.52.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share 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 company had revenue of $218.38 million during the quarter, compared to analyst estimates of $221.11 million. On average, analysts expect that Axsome Therapeutics will post -2.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction on 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 trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Herriot Tabuteau sold 4,660 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $213.95, for a total value of $997,007.00. Following the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at approximately $1,546,644.55. This represents a 39.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,330 shares of company stock worth $24,557,062 over the last ninety days. 20.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Axsome Therapeutics during the second quarter valued at approximately $759,695,000. Geode Capital Management LLC grew its position in Axsome Therapeutics by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,010,249 shares of the company’s stock worth $184,544,000 after acquiring an additional 12,549 shares in the last quarter. ABS Investment Management LLC bought a new stake in Axsome Therapeutics in the second quarter worth approximately $171,339,000. Assenagon Asset Management S.A. increased its stake in shares of 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. Finally, Bank of America Corp DE acquired a new position in shares of Axsome Therapeutics during the 2nd quarter worth $110,756,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

About Axsome Therapeutics

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.