Axsome Therapeutics, Inc. $AXSM Stock: Washington Trust Advisors Inc. Boosts Stake

Washington Trust Advisors Inc. increased its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 25,021.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 43,963 shares of the company’s stock after acquiring an additional 43,788 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Axsome Therapeutics were worth $8,106,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Axsome Therapeutics during the second quarter valued at about $759,695,000. First Trust Advisors LP boosted its position in Axsome Therapeutics by 1,230.2% during the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock worth $97,606,000 after purchasing an additional 534,066 shares during the period. Bank of America Corp DE purchased a new position in shares of Axsome Therapeutics in the second quarter worth about $110,756,000. Canada Pension Plan Investment Board purchased a new position in shares of Axsome Therapeutics in the second quarter worth about $55,171,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Axsome Therapeutics in the second quarter worth about $48,275,000. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Price Performance

NASDAQ AXSM traded down $11.03 during trading hours on Friday, hitting $145.04. The company had a trading volume of 1,593,482 shares, compared to its average volume of 911,736. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.34 and a current ratio of 1.43. The firm has a market capitalization of $7.60 billion, a price-to-earnings ratio of -38.68 and a beta of 0.86. Axsome Therapeutics, Inc. has a 52 week low of $123.50 and a 52 week high of $260.19. The firm has a 50 day simple moving average of $191.71 and a 200 day simple moving average of $212.14.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.10). The company had revenue of $218.38 million for the quarter, compared to the consensus estimate of $221.11 million. Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. Equities research analysts expect that Axsome Therapeutics, Inc. will post -2.96 earnings per share for the current year.

Insider Buying and Selling

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 10,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief operating officer directly owned 10,000 shares of the company’s stock, valued at $2,086,500. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Herriot Tabuteau sold 4,660 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $213.95, for a total transaction of $997,007.00. Following the transaction, the chief executive officer owned 7,229 shares of the company’s stock, valued at $1,546,644.55. This trade represents a 39.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 59,664 shares of company stock worth $12,624,805 in the last ninety days. 20.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of Axsome Therapeutics from $200.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, September 23rd. Morgan Stanley cut their price objective on shares of Axsome Therapeutics from $251.00 to $247.00 and set an “equal weight” rating for the company in a report on Friday, September 25th. BMO Capital Markets assumed coverage on shares of Axsome Therapeutics in a research note on Monday, July 20th. They issued an “outperform” rating and a $310.00 price objective for the company. Wells Fargo & Company boosted their target price on shares of Axsome Therapeutics from $255.00 to $256.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. Finally, Needham & Company LLC increased their target price on Axsome Therapeutics from $267.00 to $268.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $275.74.

About Axsome Therapeutics

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.