Axsome Therapeutics (NASDAQ:AXSM) Hits New 12-Month High After Analyst Upgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s share price reached a new 52-week high during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $154.00 to $169.00. Needham & Company LLC currently has a buy rating on the stock. Axsome Therapeutics traded as high as $167.22 and last traded at $173.5560, with a volume of 212985 shares traded. The stock had previously closed at $148.79.

AXSM has been the topic of a number of other reports. B. Riley assumed coverage on Axsome Therapeutics in a research note on Wednesday, October 1st. They issued a “buy” rating and a $179.00 price objective on the stock. Royal Bank Of Canada boosted their price target on Axsome Therapeutics from $189.00 to $198.00 and gave the company an “outperform” rating in a research note on Tuesday, November 4th. Guggenheim raised their price objective on shares of Axsome Therapeutics from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Wells Fargo & Company decreased their target price on Axsome Therapeutics from $163.00 to $157.00 and set an “overweight” rating for the company in a research report on Tuesday, November 4th. Finally, Morgan Stanley increased their price target on Axsome Therapeutics from $194.00 to $196.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Axsome Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $180.81.

Insider Buying and Selling

In other news, CEO Herriot Tabuteau sold 10,558 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $148.18, for a total transaction of $1,564,484.44. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares of the company’s stock, valued at $1,071,193.22. This represents a 59.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 289,296 shares of company stock valued at $38,882,311 over the last 90 days. Insiders own 22.40% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Large investors have recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in shares of Axsome Therapeutics by 20,300.0% during the 3rd quarter. Versant Capital Management Inc now owns 204 shares of the company’s stock valued at $25,000 after buying an additional 203 shares during the last quarter. First Horizon Corp purchased a new stake in Axsome Therapeutics during the third quarter valued at about $34,000. Optiver Holding B.V. boosted its position in Axsome Therapeutics by 82.3% during the third quarter. Optiver Holding B.V. now owns 288 shares of the company’s stock worth $35,000 after purchasing an additional 130 shares during the period. Essex Investment Management Co. LLC bought a new stake in shares of Axsome Therapeutics in the third quarter valued at approximately $38,000. Finally, AlphaQuest LLC purchased a new stake in shares of Axsome Therapeutics during the 1st quarter valued at approximately $38,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Stock Performance

The company’s fifty day moving average is $144.13 and its 200 day moving average is $124.10. The company has a current ratio of 1.57, a quick ratio of 1.50 and a debt-to-equity ratio of 1.66. The company has a market capitalization of $8.86 billion, a P/E ratio of -37.35 and a beta of 0.47.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). The company had revenue of $170.99 million during the quarter, compared to the consensus estimate of $162.96 million. Axsome Therapeutics had a negative return on equity of 277.31% and a negative net margin of 40.90%.The firm’s quarterly revenue was up 63.2% compared to the same quarter last year. As a group, equities analysts anticipate that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.