Guggenheim Forecasts Strong Price Appreciation for Axsome Therapeutics (NASDAQ:AXSM) Stock

Axsome Therapeutics (NASDAQ:AXSM) had its target price lifted by equities research analysts at Guggenheim from $200.00 to $205.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 52.09% from the stock’s current price.

AXSM has been the topic of several other research reports. Morgan Stanley lifted their target price on shares of Axsome Therapeutics from $191.00 to $194.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Bank of America upped their price objective on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. B. Riley began coverage on shares of Axsome Therapeutics in a report on Wednesday, October 1st. They issued a “buy” rating and a $179.00 price objective for the company. Royal Bank Of Canada boosted their target price on Axsome Therapeutics from $184.00 to $189.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $179.75.

Axsome Therapeutics Price Performance

Shares of AXSM stock traded down $0.96 during trading hours on Tuesday, hitting $134.79. 105,587 shares of the company’s stock were exchanged, compared to its average volume of 709,180. The firm has a 50 day moving average of $123.47 and a two-hundred day moving average of $112.81. Axsome Therapeutics has a fifty-two week low of $75.56 and a fifty-two week high of $139.13. The firm has a market cap of $6.73 billion, a P/E ratio of -26.51 and a beta of 0.52. The company has a quick ratio of 1.51, a current ratio of 1.57 and a debt-to-equity ratio of 1.66.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.12). The company had revenue of $170.99 million for the quarter, compared to analysts’ expectations of $162.96 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. The firm’s revenue for the quarter was up 63.2% compared to the same quarter last year. Sell-side analysts forecast that Axsome Therapeutics will post -2.79 EPS for the current year.

Insider Buying and Selling at Axsome Therapeutics

In related news, Director Mark Coleman bought 1,575 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The stock was purchased at an average cost of $127.28 per share, for a total transaction of $200,466.00. Following the completion of the acquisition, the director owned 48,212 shares in the company, valued at approximately $6,136,423.36. This trade represents a 3.38% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Herriot Tabuteau sold 12,774 shares of the company’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $118.84, for a total value of $1,518,062.16. Following the sale, the chief executive officer owned 7,229 shares in the company, valued at approximately $859,094.36. This trade represents a 63.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 243,332 shares of company stock valued at $28,824,746 in the last 90 days. Corporate insiders own 22.30% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in AXSM. Principal Financial Group Inc. raised its stake in Axsome Therapeutics by 42.8% in the first quarter. Principal Financial Group Inc. now owns 295,671 shares of the company’s stock valued at $34,484,000 after buying an additional 88,606 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Axsome Therapeutics during the 1st quarter worth about $2,229,000. Trek Financial LLC purchased a new position in shares of Axsome Therapeutics in the 1st quarter valued at about $3,446,000. Edgestream Partners L.P. acquired a new stake in shares of Axsome Therapeutics during the 1st quarter worth about $8,174,000. Finally, Jump Financial LLC acquired a new stake in shares of Axsome Therapeutics during the 1st quarter worth about $10,805,000. 81.49% of the stock is owned by institutional investors and hedge funds.

About Axsome Therapeutics

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.