Axsome Therapeutics (NASDAQ:AXSM) Stock Price Up 4.4% – What’s Next?

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s share price was up 4.4% during mid-day trading on Wednesday. The company traded as high as $162.57 and last traded at $163.1270. Approximately 52,462 shares traded hands during trading, a decline of 93% from the average session volume of 755,612 shares. The stock had previously closed at $156.32.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Guggenheim upped their target price on Axsome Therapeutics from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. UBS Group restated a “buy” rating on shares of Axsome Therapeutics in a research report on Monday, August 24th. BMO Capital Markets began coverage on shares of Axsome Therapeutics in a research report on Monday, July 20th. They issued an “outperform” rating and a $310.00 target price on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Axsome Therapeutics in a research report on Wednesday. Finally, Piper Sandler reiterated an “overweight” rating and set a $258.00 target price on shares of Axsome Therapeutics in a research note on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.74.

Axsome Therapeutics Trading Up 2.5%

The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34. The business’s 50-day simple moving average is $200.91 and its 200-day simple moving average is $212.96. The company has a market cap of $8.39 billion, a price-to-earnings ratio of -42.72 and a beta of 0.86.

Axsome Therapeutics (NASDAQ:AXSM) last issued 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). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The business had revenue of $218.38 million during the quarter, compared to analyst estimates of $221.11 million. Research analysts predict that Axsome Therapeutics, Inc. will post -2.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other news, 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 directly owned 7,229 shares of the company’s stock, valued at approximately $1,546,644.55. This represents a 39.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mark L. Jacobson sold 10,000 shares of the firm’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 transaction of $2,086,500.00. Following the completion of the sale, the chief operating officer owned 10,000 shares in the company, valued at $2,086,500. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Avior Wealth Management LLC purchased a new position in Axsome Therapeutics during the 3rd quarter valued at about $521,000. GAMMA Investing LLC raised its holdings in Axsome Therapeutics by 19.9% in the 3rd quarter. GAMMA Investing LLC now owns 416 shares of the company’s stock worth $77,000 after acquiring an additional 69 shares during the period. ABS Direct Equity Fund LLC acquired a new position in shares of Axsome Therapeutics during the second quarter worth approximately $60,000. Sequoia Financial Advisors LLC acquired a new position in shares of Axsome Therapeutics during the second quarter valued at about $217,000. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Axsome Therapeutics during the second quarter valued at approximately $251,000. Institutional investors and hedge funds own 81.49% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company uses differentiated product candidates and targeted mechanisms to address conditions with significant unmet medical needs, including depression, sleep disorders, migraine, and other neurological or psychiatric diseases.

Axsome’s lead commercial product is Auvelity (dextromethorphan hydrobromide and bupropion hydrochloride), an oral medicine approved in the United States for the treatment of major depressive disorder in adults.