Leerink Partnrs Has Positive Outlook for AXSM Q3 Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM) – Analysts at Leerink Partnrs increased their Q3 2024 EPS estimates for Axsome Therapeutics in a research report issued to clients and investors on Tuesday, October 15th. Leerink Partnrs analyst M. Goodman now forecasts that the company will post earnings per share of ($1.39) for the quarter, up from their prior estimate of ($1.42). The consensus estimate for Axsome Therapeutics’ current full-year earnings is ($4.73) per share. Leerink Partnrs also issued estimates for Axsome Therapeutics’ Q4 2024 earnings at ($1.25) EPS and FY2024 earnings at ($4.97) EPS.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings data on Monday, August 5th. The company reported ($1.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.06. Axsome Therapeutics had a negative net margin of 105.85% and a negative return on equity of 117.46%. The firm had revenue of $87.17 million for the quarter, compared to analysts’ expectations of $84.53 million.

AXSM has been the topic of a number of other reports. Wells Fargo & Company started coverage on shares of Axsome Therapeutics in a research note on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective on the stock. Bank of America upgraded shares of Axsome Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $95.00 to $106.00 in a report on Tuesday, August 6th. Royal Bank of Canada increased their target price on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 target price on shares of Axsome Therapeutics in a report on Thursday, September 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $107.00 target price on shares of Axsome Therapeutics in a report on Monday, September 16th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $124.64.

Axsome Therapeutics Price Performance

Shares of AXSM stock opened at $93.35 on Friday. Axsome Therapeutics has a 52-week low of $55.02 and a 52-week high of $98.40. The stock has a market cap of $4.43 billion, a PE ratio of -14.63 and a beta of 1.26. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.40 and a current ratio of 2.48. The firm’s 50 day moving average price is $89.52 and its two-hundred day moving average price is $81.44.

Insider Buying and Selling

In related news, Director Mark E. Saad sold 11,016 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the completion of the transaction, the director now owns 10,002 shares of the company’s stock, valued at approximately $913,282.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Mark E. Saad sold 11,016 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the completion of the transaction, the director now owns 10,002 shares of the company’s stock, valued at approximately $913,282.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mark L. Jacobson sold 47,739 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the completion of the transaction, the chief operating officer now directly owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 22.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Axsome Therapeutics by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,740,278 shares of the company’s stock valued at $298,474,000 after acquiring an additional 43,512 shares during the period. Bellevue Group AG grew its position in shares of Axsome Therapeutics by 7.9% in the 1st quarter. Bellevue Group AG now owns 685,476 shares of the company’s stock valued at $54,701,000 after acquiring an additional 50,104 shares during the period. XTX Topco Ltd grew its position in shares of Axsome Therapeutics by 177.9% in the 2nd quarter. XTX Topco Ltd now owns 11,205 shares of the company’s stock valued at $902,000 after acquiring an additional 7,173 shares during the period. Tri Locum Partners LP grew its position in shares of Axsome Therapeutics by 198.4% in the 2nd quarter. Tri Locum Partners LP now owns 306,513 shares of the company’s stock valued at $24,674,000 after acquiring an additional 203,802 shares during the period. Finally, Blair William & Co. IL grew its position in shares of Axsome Therapeutics by 645.9% in the 1st quarter. Blair William & Co. IL now owns 63,547 shares of the company’s stock valued at $5,071,000 after acquiring an additional 55,027 shares during the period. 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.