Piper Sandler Reiterates “Overweight” Rating for Axsome Therapeutics (NASDAQ:AXSM)

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a report released on Friday, Benzinga reports. They currently have a $258.00 target price on the stock. Piper Sandler’s price target indicates a potential upside of 31.61% from the company’s current price.

AXSM has been the topic of a number of other reports. Morgan Stanley lifted their price objective on Axsome Therapeutics from $242.00 to $251.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on shares of Axsome Therapeutics from $255.00 to $256.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. BMO Capital Markets started coverage on shares of Axsome Therapeutics in a research report on Monday, July 20th. They set an “outperform” rating and a $310.00 price objective on the stock. Zacks Research raised shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $290.00 target price on shares of Axsome Therapeutics in a research note on Monday, August 31st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Axsome Therapeutics has an average rating of “Moderate Buy” and an average price target of $271.85.

Axsome Therapeutics Trading Up 1.3%

AXSM traded up $2.58 during trading on Friday, hitting $196.03. 386,144 shares of the stock traded hands, compared to its average volume of 743,033. The firm has a market capitalization of $10.27 billion, a P/E ratio of -52.27 and a beta of 0.71. Axsome Therapeutics has a 12-month low of $115.31 and a 12-month high of $260.19. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34. The firm has a 50-day moving average of $214.53 and a 200 day moving average of $211.31.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.10). The firm had revenue of $218.38 million for the quarter, compared to the consensus estimate of $221.11 million. Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. Equities research analysts anticipate that Axsome Therapeutics will post -2.8 EPS for the current year.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the sale, the chief operating officer owned 10,000 shares of the company’s stock, valued at approximately $2,086,500. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Herriot Tabuteau sold 4,660 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $213.95, for a total value of $997,007.00. Following the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at approximately $1,546,644.55. The trade was a 39.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,330 shares of company stock valued at $24,557,062 in the last three months. 20.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Axsome Therapeutics during the 2nd quarter valued at about $759,695,000. First Trust Advisors LP grew its stake in shares of Axsome Therapeutics by 1,230.2% in 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 period. Norges Bank purchased a new position in shares of Axsome Therapeutics during the fourth quarter valued at approximately $90,490,000. Bank of America Corp DE bought a new position in Axsome Therapeutics during the second quarter valued at approximately $110,756,000. Finally, Assenagon Asset Management S.A. lifted its position in Axsome Therapeutics by 85.0% during 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 period. 81.49% of the stock is currently owned by institutional investors.

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.