Axsome Therapeutics (NASDAQ:AXSM) Sets New 1-Year High on Analyst Upgrade

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) reached a new 52-week high during mid-day trading on Tuesday after HC Wainwright raised their price target on the stock from $200.00 to $260.00. HC Wainwright currently has a buy rating on the stock. Axsome Therapeutics traded as high as $184.57 and last traded at $183.8160, with a volume of 390548 shares changing hands. The stock had previously closed at $177.27.

Other equities research analysts also recently issued reports about the company. B. Riley assumed coverage on Axsome Therapeutics in a report on Wednesday, October 1st. They issued a “buy” rating and a $179.00 target price on the stock. Robert W. Baird set a $209.00 price target on Axsome Therapeutics in a report on Tuesday, January 13th. Oppenheimer reiterated an “outperform” rating and issued a $220.00 price target on shares of Axsome Therapeutics in a research note on Wednesday, December 31st. UBS Group increased their price objective on shares of Axsome Therapeutics from $163.00 to $248.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Axsome Therapeutics in a research note on Wednesday, January 14th. Nineteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $202.00.

Insiders Place Their Bets

In related news, CEO Herriot Tabuteau sold 31,261 shares of Axsome Therapeutics stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $170.38, for a total value of $5,326,249.18. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at $1,231,677.02. The trade was a 81.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark E. Saad sold 37,577 shares of the company’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $165.18, for a total value of $6,206,968.86. Following the sale, the director owned 10,002 shares of the company’s stock, valued at approximately $1,652,130.36. This trade represents a 78.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 420,903 shares of company stock valued at $63,552,838. Company insiders own 22.40% of the company’s stock.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Axsome Therapeutics by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company’s stock worth $507,739,000 after purchasing an additional 235,626 shares during the period. Wellington Management Group LLP increased its holdings in Axsome Therapeutics by 84.1% during the third quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock valued at $162,082,000 after buying an additional 609,516 shares during the last quarter. Invesco Ltd. raised its position in Axsome Therapeutics by 73.3% in the third quarter. Invesco Ltd. now owns 990,557 shares of the company’s stock worth $120,303,000 after acquiring an additional 419,008 shares during the period. Geode Capital Management LLC raised its position in Axsome Therapeutics by 5.8% in the second quarter. Geode Capital Management LLC now owns 989,453 shares of the company’s stock worth $103,303,000 after acquiring an additional 54,600 shares during the period. Finally, State Street Corp boosted its stake in shares of Axsome Therapeutics by 5.8% during the 2nd quarter. State Street Corp now owns 958,503 shares of the company’s stock worth $100,058,000 after acquiring an additional 52,483 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Stock Up 3.8%

The company’s 50 day moving average price is $155.61 and its two-hundred day moving average price is $131.21. 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 firm has a market cap of $9.28 billion, a PE ratio of -39.41, a PEG ratio of 8.76 and a beta of 0.44.

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

About Axsome Therapeutics

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.