Axsome Therapeutics (NASDAQ:AXSM) Shares Down 3.1% – Here’s What Happened

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s share price fell 3.1% during mid-day trading on Friday . The company traded as low as $88.35 and last traded at $88.38. 136,339 shares were traded during trading, a decline of 79% from the average session volume of 638,745 shares. The stock had previously closed at $91.18.

Analyst Ratings Changes

A number of research firms recently issued reports on AXSM. Needham & Company LLC reaffirmed a “buy” rating and set a $130.00 price target on shares of Axsome Therapeutics in a research note on Thursday, September 5th. StockNews.com raised shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $107.00 price target on shares of Axsome Therapeutics in a research note on Monday, September 16th. Mizuho reaffirmed a “buy” rating and set a $106.00 price target on shares of Axsome Therapeutics in a research note on Wednesday, June 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $180.00 price target on shares of Axsome Therapeutics in a research note on Thursday, September 5th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $124.64.

Axsome Therapeutics Trading Down 3.5 %

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’s fifty day simple moving average is $89.04 and its 200-day simple moving average is $80.75. The company has a market capitalization of $4.18 billion, a P/E ratio of -13.83 and a beta of 1.25.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Monday, August 5th. The company reported ($1.24) EPS for the quarter, beating the consensus estimate of ($1.30) by $0.06. The business had revenue of $87.17 million during the quarter, compared to analyst estimates of $84.53 million. Axsome Therapeutics had a negative net margin of 105.85% and a negative return on equity of 117.46%. Research analysts predict that Axsome Therapeutics, Inc. will post -4.73 earnings per share for the current year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 47,739 shares of the stock in a transaction dated 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 sale, the chief operating officer now directly owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Mark L. Jacobson sold 47,739 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $84.26, for a total value 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 $487,275.58. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark E. Saad sold 11,016 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total transaction of $1,005,870.96. Following the completion of the transaction, the director now directly owns 10,002 shares of the company’s stock, valued at $913,282.62. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 22.40% of the company’s stock.

Institutional Investors Weigh In On Axsome Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC grew its stake in Axsome Therapeutics by 115.5% in the 4th quarter. Perceptive Advisors LLC now owns 1,038,019 shares of the company’s stock valued at $82,616,000 after acquiring an additional 556,370 shares during the period. Sofinnova Investments Inc. acquired a new position in shares of Axsome Therapeutics during the 2nd quarter valued at about $24,971,000. Point72 Asset Management L.P. boosted its position in shares of Axsome Therapeutics by 57.4% during the 4th quarter. Point72 Asset Management L.P. now owns 837,201 shares of the company’s stock valued at $66,633,000 after acquiring an additional 305,264 shares during the last quarter. Tri Locum Partners LP boosted its position in shares of Axsome Therapeutics by 198.4% during 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 last quarter. Finally, Avidity Partners Management LP boosted its position in shares of Axsome Therapeutics by 54.8% during the 4th quarter. Avidity Partners Management LP now owns 459,400 shares of the company’s stock valued at $36,564,000 after acquiring an additional 162,600 shares during the last quarter. Institutional investors and hedge funds 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.