Axsome Therapeutics (NASDAQ:AXSM) Trading Up 5.6% After Strong Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares shot up 5.6% during mid-day trading on Monday following a stronger than expected earnings report. The stock traded as high as $117.60 and last traded at $118.54. 231,459 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 683,737 shares. The stock had previously closed at $112.21.

The company reported ($0.96) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.97) by $0.01. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%. The firm had revenue of $118.77 million for the quarter, compared to the consensus estimate of $117.83 million.

Analyst Ratings Changes

AXSM has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $153.00 price objective on shares of Axsome Therapeutics in a research report on Wednesday, February 19th. Leerink Partners lifted their price target on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the stock an “outperform” rating in a research note on Monday, February 10th. William Blair restated an “outperform” rating on shares of Axsome Therapeutics in a research report on Tuesday, February 18th. Morgan Stanley lifted their target price on shares of Axsome Therapeutics from $125.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Finally, Jefferies Financial Group started coverage on Axsome Therapeutics in a report on Monday, April 7th. They set a “buy” rating and a $200.00 price target on the stock. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Axsome Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $170.33.

Insider Buying and Selling

In related news, CFO Nick Pizzie sold 3,000 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $131.07, for a total transaction of $393,210.00. Following the completion of the transaction, the chief financial officer now directly owns 42,187 shares of the company’s stock, valued at approximately $5,529,450.09. This trade represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 22.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AXSM. BVF Inc. IL boosted its stake in Axsome Therapeutics by 32.7% during the fourth quarter. BVF Inc. IL now owns 1,388,064 shares of the company’s stock valued at $117,444,000 after buying an additional 342,064 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Axsome Therapeutics by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 912,538 shares of the company’s stock valued at $77,228,000 after acquiring an additional 4,079 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Axsome Therapeutics by 10.8% in the fourth quarter. Invesco Ltd. now owns 692,464 shares of the company’s stock valued at $58,589,000 after purchasing an additional 67,285 shares in the last quarter. Hood River Capital Management LLC increased its position in Axsome Therapeutics by 3.2% in the fourth quarter. Hood River Capital Management LLC now owns 644,785 shares of the company’s stock worth $54,555,000 after purchasing an additional 19,701 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Axsome Therapeutics by 16,852.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 627,418 shares of the company’s stock valued at $73,176,000 after buying an additional 623,717 shares in the last quarter. Institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Stock Performance

The firm has a market capitalization of $5.52 billion, a PE ratio of -18.72 and a beta of 0.46. The company has a debt-to-equity ratio of 3.22, a current ratio of 2.11 and a quick ratio of 2.04. The business has a 50-day simple moving average of $113.06 and a 200-day simple moving average of $104.23.

Axsome Therapeutics Company Profile

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.