Axsome Therapeutics (NASDAQ:AXSM) Coverage Initiated at Wells Fargo & Company

Analysts at Wells Fargo & Company started coverage on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The brokerage set an “overweight” rating and a $140.00 price target on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 46.50% from the stock’s current price.

A number of other research firms have also recently weighed in on AXSM. Royal Bank of Canada decreased their price objective on shares of Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. HC Wainwright reissued a “buy” rating and issued a $180.00 price objective on shares of Axsome Therapeutics in a research report on Thursday, August 22nd. Citigroup decreased their price objective on shares of Axsome Therapeutics from $127.00 to $125.00 and set a “buy” rating for the company in a research report on Tuesday, May 7th. UBS Group decreased their price objective on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Robert W. Baird upped their price objective on shares of Axsome Therapeutics from $108.00 to $112.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $124.57.

Axsome Therapeutics Stock Up 6.6 %

Shares of NASDAQ AXSM opened at $95.56 on Tuesday. Axsome Therapeutics has a 12-month low of $55.02 and a 12-month high of $98.40. The company has a market cap of $4.54 billion, a P/E ratio of -14.98 and a beta of 1.26. The company has a current ratio of 2.48, a quick ratio of 2.40 and a debt-to-equity ratio of 1.77. The stock has a fifty day moving average price of $85.18 and a 200 day moving average price of $78.70.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, August 5th. The company reported ($1.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.30) by $0.06. Axsome Therapeutics had a negative return on equity of 117.46% and a negative net margin of 105.85%. The firm had revenue of $87.17 million during the quarter, compared to the consensus estimate of $84.53 million. Research analysts anticipate that Axsome Therapeutics will post -4.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Mark L. Jacobson sold 47,739 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $84.26, for a total value of $4,022,488.14. Following the sale, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 22.40% of the stock is currently owned by company insiders.

Institutional Trading of Axsome Therapeutics

Several hedge funds have recently made changes to their positions in AXSM. Northwestern Mutual Wealth Management Co. bought a new stake in Axsome Therapeutics during the 2nd quarter valued at $27,000. EntryPoint Capital LLC bought a new stake in Axsome Therapeutics during the 1st quarter valued at $35,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Axsome Therapeutics during the 2nd quarter valued at $47,000. Russell Investments Group Ltd. raised its stake in Axsome Therapeutics by 5,550.0% during the 1st quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock valued at $63,000 after acquiring an additional 777 shares in the last quarter. Finally, Covestor Ltd raised its stake in Axsome Therapeutics by 54,750.0% during the 1st quarter. Covestor Ltd now owns 1,097 shares of the company’s stock valued at $88,000 after acquiring an additional 1,095 shares in the last quarter. Institutional investors own 81.49% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company's commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist with multimodal activity indicated for the treatment of major depressive disorder; and Sunosi (solriamfetol), a medication indicated to the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.