Axsome Therapeutics (NASDAQ:AXSM) Receives Overweight Rating from Piper Sandler

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “overweight” rating reaffirmed by equities researchers at Piper Sandler in a research note issued on Friday, Benzinga reports. They presently have a $258.00 price objective on the stock. Piper Sandler’s target price would suggest a potential upside of 22.87% from the stock’s previous close.

Several other research firms also recently issued reports on AXSM. Wells Fargo & Company upped their target price on Axsome Therapeutics from $255.00 to $256.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Zacks Research upgraded Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. UBS Group reissued a “buy” rating on shares of Axsome Therapeutics in a report on Monday, August 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Friday, July 17th. Finally, TD Cowen upped their target price on Axsome Therapeutics from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $267.60.

Axsome Therapeutics Stock Down 2.0%

NASDAQ:AXSM traded down $4.30 during trading hours on Friday, reaching $209.98. The company’s stock had a trading volume of 136,937 shares, compared to its average volume of 743,515. The stock has a 50 day moving average price of $217.85 and a two-hundred day moving average price of $209.99. 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 company has a market capitalization of $11.00 billion, a P/E ratio of -56.02 and a beta of 0.71. Axsome Therapeutics has a 12 month low of $114.91 and a 12 month high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings data 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). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%.The firm had revenue of $218.38 million during the quarter, compared to analysts’ expectations of $221.11 million. Equities analysts predict that Axsome Therapeutics will post -2.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Herriot Tabuteau sold 49,666 shares of Axsome Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $240.25, for a total transaction of $11,932,256.50. Following the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at approximately $1,736,767.25. The trade was a 87.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Mark L. Jacobson sold 10,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the transaction, the chief operating officer directly owned 10,000 shares in the company, valued at approximately $2,086,500. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 109,330 shares of company stock worth $24,557,062 over the last three months. Corporate insiders own 20.60% of the company’s stock.

Institutional Investors Weigh In On Axsome Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Axsome Therapeutics in the 2nd quarter worth about $759,695,000. First Trust Advisors LP raised its position in Axsome Therapeutics by 1,230.2% during the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock worth $97,606,000 after acquiring an additional 534,066 shares during the last quarter. Norges Bank acquired a new position in Axsome Therapeutics during the fourth quarter worth about $90,490,000. Bank of America Corp DE purchased a new stake in shares of Axsome Therapeutics in the second quarter valued at about $110,756,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Axsome Therapeutics by 85.0% in the first quarter. Assenagon Asset Management S.A. now owns 865,958 shares of the company’s stock valued at $146,364,000 after purchasing an additional 397,976 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company’s research programs address conditions with substantial unmet medical needs, including depression, migraine, narcolepsy, excessive daytime sleepiness, agitation associated with Alzheimer’s disease, and other neurological or psychiatric disorders.

Axsome’s commercial portfolio includes Auvelity, an oral medicine approved in the United States for the treatment of major depressive disorder in adults.