Readystate Asset Management LP Makes New Investment in Axsome Therapeutics, Inc. $AXSM

Readystate Asset Management LP purchased a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 33,554 shares of the company’s stock, valued at approximately $8,213,000.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Axsome Therapeutics in the second quarter valued at $759,695,000. Price T Rowe Associates Inc. MD lifted its holdings in Axsome Therapeutics by 45.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company’s stock worth $275,763,000 after buying an additional 472,422 shares during the period. Wellington Management Group LLP grew its position in shares of Axsome Therapeutics by 84.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock valued at $162,082,000 after buying an additional 609,516 shares during the last quarter. 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. Finally, Geode Capital Management LLC increased 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 valued at $184,544,000 after buying an additional 12,549 shares during the period. Institutional investors and hedge funds own 81.49% of the company’s stock.

Insider Activity at Axsome Therapeutics

In related news, CFO Nick Pizzie sold 33,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $240.09, for a total transaction of $7,922,970.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Herriot Tabuteau sold 49,670 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total transaction of $11,970,966.70. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at $1,742,261.29. The trade was a 87.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 193,229 shares of company stock worth $44,752,676 over the last ninety days. 20.60% of the stock is owned by corporate insiders.

Axsome Therapeutics Stock Performance

Shares of AXSM stock opened at $206.68 on Monday. Axsome Therapeutics, Inc. has a fifty-two week low of $112.90 and a fifty-two week high of $260.19. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.34 and a current ratio of 1.43. The stock has a 50 day simple moving average of $223.81 and a two-hundred day simple moving average of $207.66. The company has a market cap of $10.83 billion, a P/E ratio of -55.11 and a beta of 0.71.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). The business had revenue of $218.38 million for the quarter, compared to the consensus estimate of $221.11 million. Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%. Research analysts forecast that Axsome Therapeutics, Inc. will post -2.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Guggenheim raised their price objective on Axsome Therapeutics from $260.00 to $275.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Mizuho upped their target price on Axsome Therapeutics from $306.00 to $316.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. HC Wainwright reissued a “buy” rating and set a $290.00 target price on shares of Axsome Therapeutics in a research report on Monday, August 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Friday, July 17th. Finally, Royal Bank Of Canada dropped their price target on shares of Axsome Therapeutics from $304.00 to $297.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $267.60.

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.