Axsome Therapeutics (NASDAQ:AXSM) Shares Up 4.9%

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) traded up 4.9% during mid-day trading on Wednesday . The stock traded as high as $94.99 and last traded at $94.99. 124,407 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 641,218 shares. The stock had previously closed at $90.51.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on AXSM shares. Needham & Company LLC restated a “buy” rating and issued a $130.00 price target on shares of Axsome Therapeutics in a report on Thursday, September 5th. UBS Group dropped their target price on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Bank of America upgraded shares of Axsome Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the company from $95.00 to $106.00 in a report on Tuesday, August 6th. Wells Fargo & Company began coverage on shares of Axsome Therapeutics in a research report on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective on the stock. Finally, Royal Bank of Canada lowered their target price on Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $124.57.

Axsome Therapeutics Price Performance

The stock has a market cap of $4.42 billion, a price-to-earnings ratio of -14.19 and a beta of 1.25. 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 company has a 50-day simple moving average of $88.77 and a two-hundred day simple moving average of $80.59.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, August 5th. The company reported ($1.24) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $84.53 million. As a group, equities research analysts forecast that Axsome Therapeutics, Inc. will post -4.73 EPS for the current year.

Insider Activity

In related news, COO Mark L. Jacobson sold 47,739 shares of Axsome Therapeutics stock in a transaction dated Friday, August 9th. The stock was 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 owns 5,783 shares in the company, valued at $487,275.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Axsome Therapeutics news, COO Mark L. Jacobson sold 47,739 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark E. Saad sold 11,016 shares of Axsome Therapeutics stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $91.31, for a total transaction of $1,005,870.96. Following the transaction, the director now directly owns 10,002 shares of the company’s stock, valued at $913,282.62. The disclosure for this sale can be found here. 22.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC grew its position in shares of Axsome Therapeutics by 0.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 17,999 shares of the company’s stock valued at $1,433,000 after purchasing an additional 135 shares during the last quarter. Natixis boosted its stake in Axsome Therapeutics by 13.6% in the 1st quarter. Natixis now owns 1,235 shares of the company’s stock valued at $99,000 after purchasing an additional 148 shares during the period. Arizona State Retirement System boosted its stake in Axsome Therapeutics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 8,630 shares of the company’s stock valued at $695,000 after purchasing an additional 177 shares during the period. Principal Financial Group Inc. grew its holdings in Axsome Therapeutics by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 9,773 shares of the company’s stock valued at $780,000 after buying an additional 276 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Axsome Therapeutics during the 2nd quarter worth $27,000. 81.49% of the stock is owned by institutional investors.

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.