Axsome Therapeutics (NASDAQ:AXSM) Shares Gap Down – Here’s Why

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $86.70, but opened at $82.00. Axsome Therapeutics shares last traded at $79.42, with a volume of 1,141,458 shares changing hands.

Analyst Ratings Changes

AXSM has been the subject of a number of recent research reports. Wells Fargo & Company began coverage on Axsome Therapeutics in a research report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $130.00 price target on shares of Axsome Therapeutics in a research note on Monday. Royal Bank of Canada lifted their price target on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. HC Wainwright reiterated a “buy” rating and set a $180.00 price objective on shares of Axsome Therapeutics in a research note on Monday, November 25th. Finally, StockNews.com upgraded Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Axsome Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $125.93.

Axsome Therapeutics Trading Down 8.5 %

The company has a 50-day moving average price of $93.39 and a 200 day moving average price of $88.59. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of -12.15 and a beta of 1.18. The company has a quick ratio of 2.37, a current ratio of 2.44 and a debt-to-equity ratio of 1.97.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. Axsome Therapeutics had a negative net margin of 91.87% and a negative return on equity of 158.36%. The business had revenue of $104.76 million during the quarter, compared to analyst estimates of $98.71 million. During the same period in the prior year, the firm earned ($1.32) earnings per share. As a group, research analysts anticipate that Axsome Therapeutics, Inc. will post -4.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Axsome Therapeutics by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 212,110 shares of the company’s stock worth $19,062,000 after buying an additional 27,534 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Axsome Therapeutics by 47.5% during the third quarter. Franklin Resources Inc. now owns 160,534 shares of the company’s stock valued at $13,713,000 after acquiring an additional 51,696 shares during the period. Geode Capital Management LLC increased its position in shares of Axsome Therapeutics by 2.7% during the third quarter. Geode Capital Management LLC now owns 908,459 shares of the company’s stock valued at $81,659,000 after purchasing an additional 23,564 shares during the period. Barclays PLC raised its position in Axsome Therapeutics by 279.6% in the 3rd quarter. Barclays PLC now owns 61,785 shares of the company’s stock valued at $5,552,000 after purchasing an additional 45,509 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Axsome Therapeutics by 1.1% during the 3rd quarter. Wellington Management Group LLP now owns 742,745 shares of the company’s stock valued at $66,750,000 after purchasing an additional 8,125 shares during the period. Hedge funds and other 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.