SummitTX Capital L.P. Makes New $2.59 Million Investment in Axsome Therapeutics, Inc. $AXSM

SummitTX Capital L.P. bought a new stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,304 shares of the company’s stock, valued at approximately $2,587,000.

Other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of Axsome Therapeutics by 84.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock worth $162,082,000 after buying an additional 609,516 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Axsome Therapeutics by 1,230.2% in the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock valued at $97,606,000 after acquiring an additional 534,066 shares in the last quarter. Norges Bank purchased a new stake in Axsome Therapeutics in the fourth quarter worth about $90,490,000. Price T Rowe Associates Inc. MD lifted its stake in Axsome Therapeutics by 45.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company’s stock worth $275,763,000 after acquiring an additional 472,422 shares during the period. Finally, Invesco Ltd. grew its holdings in Axsome Therapeutics by 73.3% during the 3rd quarter. Invesco Ltd. now owns 990,557 shares of the company’s stock worth $120,303,000 after acquiring an additional 419,008 shares in the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Axsome Therapeutics Stock Performance

Shares of Axsome Therapeutics stock opened at $234.20 on Wednesday. The company has a market capitalization of $12.05 billion, a PE ratio of -62.79 and a beta of 0.60. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.32 and a current ratio of 1.39. The company has a 50-day simple moving average of $239.62 and a two-hundred day simple moving average of $201.72. Axsome Therapeutics, Inc. has a one year low of $96.09 and a one year high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The firm had revenue of $191.20 million for the quarter, compared to analysts’ expectations of $191.10 million. Axsome Therapeutics’s revenue for the quarter was up 57.4% compared to the same quarter last year. Research analysts expect that Axsome Therapeutics, Inc. will post -2.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AXSM has been the topic of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $272.00 target price on shares of Axsome Therapeutics in a research report on Monday, May 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Friday, July 17th. Morgan Stanley upgraded shares of Axsome Therapeutics from a “reduce” rating to an “overweight” rating in a research note on Thursday, June 11th. HC Wainwright reissued a “buy” rating and set a $290.00 price objective on shares of Axsome Therapeutics in a report on Wednesday, July 15th. Finally, Needham & Company LLC boosted their price objective on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $261.48.

Insider Activity

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 4,517 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $227.94, for a total value of $1,029,604.98. Following the completion of the sale, the chief operating officer directly owned 4,517 shares in the company, valued at $1,029,604.98. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nick Pizzie sold 33,000 shares of Axsome Therapeutics stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total transaction of $7,922,970.00. Following the completion of the transaction, the chief financial officer directly owned 42,867 shares in the company, valued at $10,291,938.03. This represents a 43.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,852 shares of company stock worth $37,230,112 over the last 90 days. 20.60% of the stock is currently owned by insiders.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.