Axsome Therapeutics (NASDAQ:AXSM) Hits New 12-Month High Following Analyst Upgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM) reached a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $212.00 to $219.00. Royal Bank Of Canada currently has an outperform rating on the stock. Axsome Therapeutics traded as high as $184.57 and last traded at $183.8160, with a volume of 390548 shares trading hands. The stock had previously closed at $177.27.

A number of other research analysts also recently weighed in on the company. HC Wainwright increased their target price on Axsome Therapeutics from $200.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday. TD Cowen reiterated a “buy” rating on shares of Axsome Therapeutics in a research note on Wednesday, December 31st. Robert W. Baird set a $209.00 price objective on shares of Axsome Therapeutics in a report on Tuesday, January 13th. Oppenheimer restated an “outperform” rating and set a $220.00 target price on shares of Axsome Therapeutics in a research report on Wednesday, December 31st. Finally, Morgan Stanley downgraded shares of Axsome Therapeutics from an “overweight” rating to a “reduce” rating in a research report on Thursday, January 8th. Nineteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $203.17.

Insider Transactions at Axsome Therapeutics

In other news, Director Mark E. Saad sold 37,577 shares of the company’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $165.18, for a total value of $6,206,968.86. Following the completion of the transaction, the director owned 10,002 shares of the company’s stock, valued at $1,652,130.36. This represents a 78.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Herriot Tabuteau sold 31,261 shares of Axsome Therapeutics stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $170.38, for a total value of $5,326,249.18. Following the sale, the chief executive officer directly owned 7,229 shares in the company, valued at $1,231,677.02. This trade represents a 81.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 420,903 shares of company stock worth $63,552,838. Insiders own 22.30% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several institutional investors have recently bought and sold shares of AXSM. Versant Capital Management Inc boosted its holdings in shares of Axsome Therapeutics by 20,300.0% during the 3rd quarter. Versant Capital Management Inc now owns 204 shares of the company’s stock valued at $25,000 after purchasing an additional 203 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Axsome Therapeutics by 65.4% in the fourth quarter. GAMMA Investing LLC now owns 268 shares of the company’s stock worth $49,000 after buying an additional 106 shares in the last quarter. First Horizon Corp bought a new position in Axsome Therapeutics during the third quarter valued at approximately $34,000. Optiver Holding B.V. grew its holdings in Axsome Therapeutics by 82.3% during the 3rd quarter. Optiver Holding B.V. now owns 288 shares of the company’s stock valued at $35,000 after buying an additional 130 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in Axsome Therapeutics in the 3rd quarter worth approximately $38,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Stock Up 2.5%

The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.50 and a current ratio of 1.57. The firm has a market capitalization of $9.53 billion, a PE ratio of -40.49, a PEG ratio of 9.73 and a beta of 0.44. The company has a fifty day moving average price of $157.48 and a 200-day moving average price of $132.17.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). Axsome Therapeutics had a negative net margin of 40.90% and a negative return on equity of 277.31%. The business had revenue of $170.99 million for the quarter, compared to analysts’ expectations of $162.96 million. The firm’s revenue for the quarter was up 63.2% compared to the same quarter last year. As a group, analysts expect that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.