Short Interest in Axsome Therapeutics, Inc. (NASDAQ:AXSM) Drops By 5.8%

Axsome Therapeutics, Inc. (NASDAQ:AXSM) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 7,670,000 shares, a drop of 5.8% from the July 31st total of 8,140,000 shares. Based on an average daily volume of 652,500 shares, the short-interest ratio is currently 11.8 days.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AXSM shares. Robert W. Baird lifted their price target on shares of Axsome Therapeutics from $108.00 to $112.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Bank of America upgraded Axsome Therapeutics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $106.00 in a research report on Tuesday, August 6th. Mizuho restated a “buy” rating and set a $106.00 price target on shares of Axsome Therapeutics in a report on Wednesday, June 12th. Citigroup decreased their price objective on Axsome Therapeutics from $127.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, May 7th. Finally, Royal Bank of Canada cut their target price on shares of Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $123.38.

Insider Activity

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 47,739 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the sale, the chief operating officer now owns 5,783 shares in the company, valued at approximately $487,275.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 22.40% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Clearbridge Investments LLC grew its holdings in shares of Axsome Therapeutics by 19.5% in the second quarter. Clearbridge Investments LLC now owns 106,767 shares of the company’s stock worth $8,595,000 after purchasing an additional 17,397 shares during the last quarter. Dana Investment Advisors Inc. grew its stake in Axsome Therapeutics by 3.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 19,724 shares of the company’s stock worth $1,588,000 after acquiring an additional 697 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of Axsome Therapeutics by 17.1% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 11,354 shares of the company’s stock worth $914,000 after acquiring an additional 1,656 shares during the period. Quarry LP raised its stake in shares of Axsome Therapeutics by 77.8% during the second quarter. Quarry LP now owns 3,200 shares of the company’s stock valued at $258,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Axsome Therapeutics in the second quarter valued at approximately $27,000. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM opened at $88.86 on Monday. The company has a current ratio of 2.48, a quick ratio of 2.40 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of -13.93 and a beta of 1.26. Axsome Therapeutics has a 12 month low of $55.02 and a 12 month high of $98.40. The firm’s 50-day moving average is $84.39 and its 200 day moving average is $78.63.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings results on Monday, August 5th. The company reported ($1.24) earnings per share for the quarter, topping the consensus estimate of ($1.30) by $0.06. Axsome Therapeutics had a negative return on equity of 117.46% and a negative net margin of 105.85%. The firm had revenue of $87.17 million for the quarter, compared to the consensus estimate of $84.53 million. Research analysts predict that Axsome Therapeutics will post -4.72 EPS for the current year.

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.