Axsome Therapeutics (NASDAQ:AXSM) Stock Gets Price Target Reduction from Guggenheim

Axsome Therapeutics (NASDAQ:AXSM) had its price target reduced by Guggenheim from $275.00 to $250.00 in a research note published on Tuesday, MarketBeat reports. Guggenheim currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Axsome Therapeutics in a research report on Wednesday, October 14th. Truist Financial lifted their target price on Axsome Therapeutics from $200.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, September 23rd. Morgan Stanley reduced their target price 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. UBS Group decreased their price target on shares of Axsome Therapeutics from $256.00 to $239.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Zacks Research upgraded shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $267.58.

Axsome Therapeutics Stock Performance

Shares of NASDAQ AXSM opened at $129.80 on Tuesday. Axsome Therapeutics has a 12-month low of $123.00 and a 12-month high of $260.19. The stock’s fifty day simple moving average is $179.09 and its two-hundred day simple moving average is $198.13. The company has a quick ratio of 1.34, a current ratio of 1.42 and a debt-to-equity ratio of 1.21.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.38. The firm had revenue of $259.69 million during the quarter, compared to analyst estimates of $249.19 million. Axsome Therapeutics had a negative return on equity of 198.73% and a negative net margin of 18.18%. The business’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.94) EPS. Equities analysts expect that Axsome Therapeutics will post -2.56 EPS for the current year.

Insider Buying and Selling

In related news, COO Mark Jacobson sold 10,000 shares of Axsome Therapeutics 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 completion of the sale, the chief operating officer directly owned 10,000 shares in the company, valued at $2,086,500. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AXSM. Maryland State Retirement & Pension System boosted its stake in Axsome Therapeutics by 15.5% during the 3rd quarter. Maryland State Retirement & Pension System now owns 2,669 shares of the company’s stock worth $492,000 after purchasing an additional 359 shares during the last quarter. Jacobi Capital Management LLC purchased a new stake in shares of Axsome Therapeutics during the third quarter worth $47,000. Jefferies Financial Group Inc. raised its position in shares of Axsome Therapeutics by 22.4% in the third quarter. Jefferies Financial Group Inc. now owns 31,373 shares of the company’s stock valued at $5,785,000 after buying an additional 5,745 shares during the last quarter. Machina Capital S.A.S. acquired a new stake in shares of Axsome Therapeutics in the third quarter valued at about $632,000. Finally, Illinois Municipal Retirement Fund raised its position in shares of Axsome Therapeutics by 72.6% in the third quarter. Illinois Municipal Retirement Fund now owns 13,818 shares of the company’s stock valued at $2,548,000 after buying an additional 5,812 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

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.