Axsome Therapeutics (NASDAQ:AXSM) Shares Gap Down – Here’s What Happened

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price gapped down prior to trading on Monday. The stock had previously closed at $144.43, but opened at $137.15. Axsome Therapeutics shares last traded at $129.2240, with a volume of 650,574 shares changing hands.

Analysts Set New Price Targets

AXSM has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Thursday, October 15th. Wells Fargo & Company upped their target price on Axsome Therapeutics from $255.00 to $256.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. BMO Capital Markets assumed coverage on Axsome Therapeutics in a research note on Monday, July 20th. They issued an “outperform” rating and a $310.00 target price for the company. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Axsome Therapeutics in a research note on Wednesday, October 14th. Finally, HC Wainwright reiterated a “buy” rating on shares of Axsome Therapeutics in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $274.68.

Axsome Therapeutics Price Performance

The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52. The company has a market cap of $6.80 billion, a PE ratio of -34.84 and a beta of 0.86. The stock has a 50-day simple moving average of $184.76 and a 200 day simple moving average of $198.93.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings data on Monday, November 2nd. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.38. Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The firm had revenue of $259.69 million for the quarter, compared to analyst estimates of $249.19 million. During the same period in the previous year, the firm earned ($0.94) EPS. Axsome Therapeutics’s revenue was up 51.9% on a year-over-year basis. Equities analysts expect that Axsome Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Transactions at Axsome Therapeutics

In other news, COO Mark Jacobson sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the sale, the chief operating officer directly owned 10,000 shares of the company’s stock, valued at approximately $2,086,500. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Herriot Tabuteau sold 4,660 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $213.95, for a total transaction of $997,007.00. Following the completion of the transaction, the chief executive officer owned 7,229 shares in the company, valued at approximately $1,546,644.55. This represents a 39.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 59,664 shares of company stock valued at $12,624,805. Company insiders own 20.60% of the company’s stock.

Institutional Trading of Axsome Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AXSM. BlackRock Inc. purchased a new stake in shares of Axsome Therapeutics in the 2nd quarter valued at approximately $759,695,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Axsome Therapeutics during the 1st quarter worth $9,019,000. OneDigital Investment Advisors LLC purchased a new stake in shares of Axsome Therapeutics during the 2nd quarter worth $1,906,000. Baird Financial Group Inc. acquired a new position in shares of Axsome Therapeutics during the second quarter worth $2,497,000. Finally, Lisanti Capital Growth LLC acquired a new position in shares of Axsome Therapeutics during the second quarter worth $5,097,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.