Axsome Therapeutics (NASDAQ:AXSM) Hits New 52-Week High on Analyst Upgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $154.00 to $169.00. Needham & Company LLC currently has a buy rating on the stock. Axsome Therapeutics traded as high as $167.22 and last traded at $173.5560, with a volume of 212985 shares trading hands. The stock had previously closed at $148.79.

A number of other brokerages also recently commented on AXSM. Wells Fargo & Company reduced their price target on Axsome Therapeutics from $163.00 to $157.00 and set an “overweight” rating for the company in a report on Tuesday, November 4th. Guggenheim increased their target price on shares of Axsome Therapeutics from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Mizuho increased their target price on Axsome Therapeutics from $200.00 to $202.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. HC Wainwright upped their target price on shares of Axsome Therapeutics from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Finally, B. Riley began coverage on Axsome Therapeutics in a research note on Wednesday, October 1st. They issued a “buy” rating and a $179.00 target price on the stock. One research 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $180.81.

Insider Transactions at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 10,558 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $148.18, for a total transaction of $1,564,484.44. Following the transaction, the chief executive officer owned 7,229 shares in the company, valued at $1,071,193.22. This trade represents a 59.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 289,296 shares of company stock valued at $38,882,311. Insiders own 22.40% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Axsome Therapeutics by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company’s stock worth $507,739,000 after acquiring an additional 235,626 shares during the last quarter. BVF Inc. IL boosted its position in Axsome Therapeutics by 21.8% during the 1st quarter. BVF Inc. IL now owns 1,690,221 shares of the company’s stock worth $197,130,000 after buying an additional 302,157 shares during the period. Wellington Management Group LLP grew its holdings in 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 acquiring an additional 609,516 shares during the last quarter. Invesco Ltd. increased its position in Axsome Therapeutics by 73.3% in the 3rd quarter. Invesco Ltd. now owns 990,557 shares of the company’s stock valued at $120,303,000 after acquiring an additional 419,008 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Axsome Therapeutics by 5.8% during the second quarter. Geode Capital Management LLC now owns 989,453 shares of the company’s stock valued at $103,303,000 after acquiring an additional 54,600 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Axsome Therapeutics Trading Up 18.1%

The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.50. The company has a market cap of $8.86 billion, a price-to-earnings ratio of -37.35 and a beta of 0.47. The business’s fifty day moving average price is $144.13 and its 200 day moving average price is $124.10.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). Axsome Therapeutics had a negative net margin of 40.90% and a negative return on equity of 277.31%. The company had revenue of $170.99 million during the quarter, compared to analyst estimates of $162.96 million. The business’s revenue for the quarter was up 63.2% compared to the same quarter last year. Research analysts anticipate that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current fiscal year.

About Axsome Therapeutics

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.