Axsome Therapeutics (NASDAQ:AXSM) Hits New 12-Month High – What’s Next?

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $142.19 and last traded at $139.61, with a volume of 551718 shares. The stock had previously closed at $137.80.

Analysts Set New Price Targets

AXSM has been the subject of a number of analyst reports. Guggenheim boosted their price objective on shares of Axsome Therapeutics from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Mizuho raised their price target on Axsome Therapeutics from $200.00 to $202.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. HC Wainwright boosted their price objective on Axsome Therapeutics from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Wells Fargo & Company decreased their target price on Axsome Therapeutics from $163.00 to $157.00 and set an “overweight” rating for the company in a research note on Tuesday, November 4th. Finally, Morgan Stanley lifted their price target on Axsome Therapeutics from $194.00 to $196.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Axsome Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $179.88.

Axsome Therapeutics Stock Performance

The firm has a market capitalization of $7.25 billion, a price-to-earnings ratio of -28.29 and a beta of 0.50. The firm’s 50-day moving average price is $125.37 and its two-hundred day moving average price is $114.21. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%.The business had revenue of $170.99 million for the quarter, compared to the consensus estimate of $162.96 million. The business’s revenue for the quarter was up 63.2% compared to the same quarter last year. Sell-side analysts predict that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insiders Place Their Bets

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 21,775 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $134.49, for a total transaction of $2,928,519.75. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at $972,228.21. This represents a 75.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mark L. Jacobson sold 10,000 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $115.96, for a total transaction of $1,159,600.00. The SEC filing for this sale provides additional information. Insiders sold 407,271 shares of company stock worth $50,640,415 over the last quarter. Company insiders own 22.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB grew its position in Axsome Therapeutics by 5.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 11,400 shares of the company’s stock worth $1,385,000 after acquiring an additional 600 shares during the last quarter. DNB Asset Management AS lifted its position in Axsome Therapeutics by 33.1% during the 3rd quarter. DNB Asset Management AS now owns 101,981 shares of the company’s stock worth $12,386,000 after buying an additional 25,339 shares in the last quarter. US Bancorp DE grew its holdings in Axsome Therapeutics by 0.5% during the 3rd quarter. US Bancorp DE now owns 131,533 shares of the company’s stock worth $15,975,000 after acquiring an additional 686 shares during the last quarter. Optiver Holding B.V. increased its position in Axsome Therapeutics by 82.3% in the 3rd quarter. Optiver Holding B.V. now owns 288 shares of the company’s stock valued at $35,000 after acquiring an additional 130 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in shares of Axsome Therapeutics by 107.7% in the third quarter. TD Asset Management Inc now owns 44,192 shares of the company’s stock worth $5,367,000 after acquiring an additional 22,914 shares during the last quarter. Institutional investors own 81.49% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company’s commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist with multimodal activity indicated for the treatment of major depressive disorder; and Sunosi (solriamfetol), a medication indicated to the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.