Axsome Therapeutics (NASDAQ:AXSM) Reaches New 12-Month High – Should You Buy?

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $256.00 and last traded at $246.34, with a volume of 741228 shares trading hands. The stock had previously closed at $245.64.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AXSM shares. UBS Group boosted their price objective on Axsome Therapeutics from $251.00 to $259.00 and gave the company a “buy” rating in a research note on Friday, April 10th. Robert W. Baird boosted their price objective on Axsome Therapeutics from $241.00 to $246.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Morgan Stanley boosted their price objective on Axsome Therapeutics from $217.00 to $242.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 5th. Piper Sandler reiterated an “overweight” rating and set a $258.00 price objective on shares of Axsome Therapeutics in a research note on Monday, May 4th. Finally, Royal Bank Of Canada boosted their price objective on Axsome Therapeutics from $242.00 to $302.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $251.26.

Axsome Therapeutics Stock Up 0.3%

The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. The firm has a market capitalization of $12.68 billion, a P/E ratio of -66.04 and a beta of 0.61. The company has a 50 day simple moving average of $207.58 and a two-hundred day simple moving average of $180.70.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The business had revenue of $191.20 million during the quarter, compared to the consensus estimate of $191.10 million. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities analysts predict that Axsome Therapeutics, Inc. will post -2.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 49,670 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total value of $11,970,966.70. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at $1,742,261.29. This represents a 87.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Mark L. Jacobson sold 4,517 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $227.94, for a total value of $1,029,604.98. Following the completion of the transaction, the chief operating officer owned 4,517 shares of the company’s stock, valued at $1,029,604.98. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 113,400 shares of company stock worth $26,595,598 over the last ninety days. 20.60% of the stock is owned by company insiders.

Institutional Trading of Axsome Therapeutics

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Axsome Therapeutics by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company’s stock worth $507,739,000 after acquiring an additional 235,626 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Axsome Therapeutics by 45.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company’s stock worth $275,763,000 after acquiring an additional 472,422 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Axsome Therapeutics by 84.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock worth $162,082,000 after acquiring an additional 609,516 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Axsome Therapeutics by 28.6% during the 4th quarter. Invesco Ltd. now owns 1,273,494 shares of the company’s stock worth $232,591,000 after acquiring an additional 282,937 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Axsome Therapeutics by 1.3% during the 4th 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. 81.49% of the stock is owned by hedge funds and other institutional investors.

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.