Summit Financial LLC Decreases Holdings in Axsome Therapeutics, Inc. $AXSM

Summit Financial LLC decreased its position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 8.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 70,628 shares of the company’s stock after selling 6,912 shares during the period. Summit Financial LLC’s holdings in Axsome Therapeutics were worth $12,899,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of 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 in the last quarter. Franklin Street Advisors Inc. NC purchased a new stake in Axsome Therapeutics in the 4th quarter valued at approximately $1,826,000. Aberdeen Group plc lifted its stake in Axsome Therapeutics by 15.5% in the 3rd quarter. Aberdeen Group plc now owns 94,648 shares of the company’s stock valued at $11,495,000 after buying an additional 12,732 shares in the last quarter. TD Asset Management Inc lifted its stake in Axsome Therapeutics by 107.7% in the 3rd quarter. TD Asset Management Inc now owns 44,192 shares of the company’s stock valued at $5,367,000 after buying an additional 22,914 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Axsome Therapeutics by 20.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 436,063 shares of the company’s stock valued at $79,643,000 after buying an additional 73,925 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, insider Ari Maizel sold 7,500 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $182.42, for a total transaction of $1,368,150.00. Following the transaction, the insider owned 7,500 shares of the company’s stock, valued at $1,368,150. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Herriot Tabuteau sold 49,670 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total value of $11,970,966.70. Following the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at approximately $1,742,261.29. This represents a 87.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 113,686 shares of company stock worth $26,666,006. Company insiders own 20.60% of the company’s stock.

Analysts Set New Price Targets

AXSM has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on Axsome Therapeutics from $225.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Mizuho upped their target price on Axsome Therapeutics from $228.00 to $310.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $258.00 target price on shares of Axsome Therapeutics in a research note on Monday, May 4th. TD Cowen reaffirmed a “buy” rating on shares of Axsome Therapeutics in a research note on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft set a $280.00 target price on Axsome Therapeutics in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Axsome Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $256.79.

Axsome Therapeutics Trading Up 0.6%

Shares of Axsome Therapeutics stock opened at $255.17 on Friday. Axsome Therapeutics, Inc. has a fifty-two week low of $96.09 and a fifty-two week high of $257.92. The firm has a market cap of $13.13 billion, a PE ratio of -68.41 and a beta of 0.61. The business’s fifty day moving average is $210.94 and its two-hundred day moving average is $181.95. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 2.27.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The business had revenue of $191.20 million for the quarter, compared to analysts’ expectations of $191.10 million. Axsome Therapeutics’s revenue was up 57.4% on a year-over-year basis. Analysts anticipate that Axsome Therapeutics, Inc. will post -2.27 earnings per share for the current 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.