Axsome Therapeutics (NASDAQ:AXSM) Releases Earnings Results, Misses Expectations By $0.10 EPS

Axsome Therapeutics (NASDAQ:AXSM) released its earnings results on Monday. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.10), FiscalAI reports. Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The company had revenue of $218.38 million for the quarter, compared to analyst estimates of $221.11 million.

Axsome Therapeutics Price Performance

Shares of AXSM opened at $212.74 on Monday. Axsome Therapeutics has a 12-month low of $102.67 and a 12-month high of $260.19. The business has a 50-day simple moving average of $236.95 and a two-hundred day simple moving average of $204.15. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 2.27. The stock has a market cap of $10.95 billion, a PE ratio of -57.03 and a beta of 0.65.

Insider Activity

In other news, Director Susan Mahony sold 300 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $237.21, for a total transaction of $71,163.00. Following the sale, the director directly owned 1,129 shares in the company, valued at approximately $267,810.09. The trade was a 20.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nick Pizzie sold 33,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $240.09, for a total value of $7,922,970.00. Following the completion of the transaction, the chief financial officer directly owned 42,867 shares of the company’s stock, valued at $10,291,938.03. This represents a 43.50% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 200,766 shares of company stock valued at $46,685,646. 20.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Several large investors have recently modified their holdings of AXSM. Price T Rowe Associates Inc. MD increased its holdings 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 valued at $275,763,000 after purchasing an additional 472,422 shares during the period. Wellington Management Group LLP lifted 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 buying an additional 609,516 shares during the period. Invesco Ltd. grew its position in shares of Axsome Therapeutics by 28.6% in the 4th quarter. Invesco Ltd. now owns 1,273,494 shares of the company’s stock valued at $232,591,000 after buying an additional 282,937 shares during the last quarter. State Street Corp grew its position in shares of Axsome Therapeutics by 5.8% in the 2nd quarter. State Street Corp now owns 958,503 shares of the company’s stock valued at $100,058,000 after buying an additional 52,483 shares during the last quarter. Finally, Deep Track Capital LP increased its stake in shares of Axsome Therapeutics by 12.3% in the third quarter. Deep Track Capital LP now owns 900,000 shares of the company’s stock valued at $109,305,000 after buying an additional 98,629 shares during the period. Institutional investors own 81.49% of the company’s stock.

Analyst Upgrades and Downgrades

AXSM has been the topic of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $272.00 target price on shares of Axsome Therapeutics in a research report on Monday, May 4th. TD Cowen lifted their price objective on shares of Axsome Therapeutics from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, June 17th. Robert W. Baird boosted their price objective on shares of Axsome Therapeutics from $241.00 to $246.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Guggenheim raised their target price on Axsome Therapeutics from $245.00 to $260.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Zacks Research lowered Axsome Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Axsome Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $265.55.

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.