Axsome Therapeutics (NASDAQ:AXSM) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Axsome Therapeutics (NASDAQ:AXSM) from a hold rating to a strong sell rating in a research note issued to investors on Monday morning,Zacks.com reports.

AXSM has been the subject of a number of other research reports. Royal Bank Of Canada upped their target price on shares of Axsome Therapeutics from $302.00 to $304.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Morgan Stanley raised shares of Axsome Therapeutics from a “reduce” rating to an “overweight” rating in a research note on Thursday, June 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Finally, BMO Capital Markets started coverage on shares of Axsome Therapeutics in a research note on Monday. They set an “outperform” rating and a $310.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $261.48.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM opened at $236.95 on Monday. The company has a debt-to-equity ratio of 2.27, a current ratio of 1.39 and a quick ratio of 1.32. The business’s 50 day moving average price is $238.71 and its 200-day moving average price is $199.47. The firm has a market capitalization of $12.19 billion, a PE ratio of -63.53 and a beta of 0.60. Axsome Therapeutics has a 1 year low of $96.09 and a 1 year high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.41). The firm had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. Axsome Therapeutics’s quarterly revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts expect that Axsome Therapeutics will post -2.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Susan Mahony sold 300 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $237.21, for a total transaction of $71,163.00. Following the completion of the sale, the director owned 1,129 shares in the company, valued at $267,810.09. This trade represents a 20.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mark Coleman sold 643 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $249.00, for a total transaction of $160,107.00. Following the sale, the director owned 30,389 shares of the company’s stock, valued at $7,566,861. This represents a 2.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 155,852 shares of company stock worth $37,230,112. 20.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB lifted its stake in shares of Axsome Therapeutics by 216.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 42,400 shares of the company’s stock valued at $10,378,000 after purchasing an additional 29,000 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Axsome Therapeutics by 14.9% during the 2nd quarter. GAMMA Investing LLC now owns 347 shares of the company’s stock worth $85,000 after purchasing an additional 45 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in Axsome Therapeutics in the 2nd quarter valued at about $105,000. Seven Fleet Capital Management LP lifted its position in Axsome Therapeutics by 8.5% in the first quarter. Seven Fleet Capital Management LP now owns 14,055 shares of the company’s stock valued at $2,376,000 after buying an additional 1,100 shares during the last quarter. Finally, Perceptive Advisors LLC lifted its position in Axsome Therapeutics by 0.7% in the first quarter. Perceptive Advisors LLC now owns 149,950 shares of the company’s stock valued at $25,345,000 after buying an additional 1,050 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

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.