Oak Ridge Investments LLC Cuts Stake in Axsome Therapeutics, Inc. $AXSM

Oak Ridge Investments LLC lowered its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 4.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,306 shares of the company’s stock after selling 616 shares during the quarter. Oak Ridge Investments LLC’s holdings in Axsome Therapeutics were worth $1,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Axsome Therapeutics in the first quarter worth approximately $25,000. Quantbot Technologies LP purchased a new stake in Axsome Therapeutics in the first quarter worth approximately $31,000. NBC Securities Inc. purchased a new stake in Axsome Therapeutics in the first quarter worth approximately $31,000. AlphaQuest LLC purchased a new stake in Axsome Therapeutics in the first quarter worth approximately $38,000. Finally, Neo Ivy Capital Management purchased a new stake in Axsome Therapeutics in the first quarter worth approximately $41,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Stock Performance

Shares of AXSM stock opened at $121.71 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57. Axsome Therapeutics, Inc. has a fifty-two week low of $75.56 and a fifty-two week high of $139.13. The stock has a 50 day moving average price of $116.84 and a two-hundred day moving average price of $109.93. The company has a market capitalization of $6.07 billion, a P/E ratio of -24.01 and a beta of 0.52.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings data on Monday, August 4th. The company reported ($0.92) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.08. The firm had revenue of $150.04 million during the quarter, compared to the consensus estimate of $140.02 million. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%. Analysts expect that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Analysts Set New Price Targets

AXSM has been the subject of several research reports. Morgan Stanley initiated coverage on Axsome Therapeutics in a research note on Thursday, July 3rd. They issued an “overweight” rating and a $190.00 target price for the company. Bank of America upped their target price on Axsome Therapeutics from $173.00 to $176.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price objective on shares of Axsome Therapeutics in a research report on Monday, August 4th. Finally, Wells Fargo & Company upgraded Axsome Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $177.93.

Insider Activity at Axsome Therapeutics

In related news, CEO Herriot Tabuteau sold 27,907 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $118.96, for a total transaction of $3,319,816.72. Following the completion of the transaction, the chief executive officer owned 7,229 shares in the company, valued at $859,961.84. This represents a 79.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roger Jeffs sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $121.60, for a total value of $2,432,000.00. Following the transaction, the director owned 90,974 shares of the company’s stock, valued at approximately $11,062,438.40. This represents a 18.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 243,332 shares of company stock worth $28,824,746 over the last quarter. 22.30% of the stock is owned by corporate insiders.

Axsome Therapeutics Profile

Axsome Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company’s commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist with multimodal activity indicated for the treatment of major depressive disorder; and Sunosi (solriamfetol), a medication indicated to the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.