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

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $235.78 and last traded at $234.2050, with a volume of 426029 shares traded. The stock had previously closed at $224.03.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AXSM shares. Needham & Company LLC raised their price target on Axsome Therapeutics from $225.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Wolfe Research started coverage on Axsome Therapeutics in a report on Monday, February 23rd. They set an “outperform” rating and a $230.00 price target for the company. Robert W. Baird raised their price target on Axsome Therapeutics from $241.00 to $246.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Oppenheimer set a $280.00 price target on Axsome Therapeutics in a report on Monday, May 4th. Finally, TD Cowen restated a “buy” rating on shares of Axsome Therapeutics in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $251.26.

Axsome Therapeutics Price Performance

The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. The stock has a market capitalization of $12.11 billion, a P/E ratio of -63.09 and a beta of 0.59. The stock has a 50 day moving average of $177.02 and a 200-day moving average of $166.54.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.41). The business had revenue of $191.20 million for the quarter, compared to the consensus estimate of $191.10 million. Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.Axsome Therapeutics’s quarterly revenue was up 57.4% on a year-over-year basis. On average, equities research analysts anticipate that Axsome Therapeutics, Inc. will post -2.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other news, insider Ari Maizel sold 7,500 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $182.42, for a total value of $1,368,150.00. Following the transaction, the insider directly owned 7,500 shares of the company’s stock, valued at approximately $1,368,150. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mark L. Jacobson sold 233 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $228.18, for a total value of $53,165.94. Following the completion of the transaction, the chief operating officer directly owned 4,517 shares in the company, valued at $1,030,689.06. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,628 shares of company stock worth $12,205,662 over the last three months. Corporate insiders own 20.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Axsome Therapeutics by 6.0% in the third quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company’s stock valued at $507,739,000 after purchasing an additional 235,626 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 valued at $275,763,000 after purchasing an additional 472,422 shares during the period. Wellington Management Group LLP boosted its stake in shares of Axsome Therapeutics by 84.1% in the third 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 during the last quarter. Invesco Ltd. boosted its stake in shares of Axsome Therapeutics by 28.6% in the fourth quarter. Invesco Ltd. now owns 1,273,494 shares of the company’s stock worth $232,591,000 after buying an additional 282,937 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Axsome Therapeutics by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,010,249 shares of the company’s stock worth $184,544,000 after buying an additional 12,549 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

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.