Axsome Therapeutics (NASDAQ:AXSM) Given New $150.00 Price Target at Needham & Company LLC

Axsome Therapeutics (NASDAQ:AXSM) had its price objective lowered by Needham & Company LLC from $153.00 to $150.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the stock. Cantor Fitzgerald raised shares of Axsome Therapeutics to a “strong-buy” rating in a report on Wednesday, May 14th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $165.00 target price (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. Bank of America boosted their price target on Axsome Therapeutics from $143.00 to $167.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and set a $180.00 price target on shares of Axsome Therapeutics in a report on Thursday, May 22nd. Finally, Royal Bank of Canada lifted their price objective on shares of Axsome Therapeutics from $190.00 to $193.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $172.80.

Axsome Therapeutics Price Performance

Shares of AXSM opened at $109.87 on Monday. 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 company has a market cap of $5.41 billion, a P/E ratio of -18.34 and a beta of 0.47. Axsome Therapeutics has a 12 month low of $64.11 and a 12 month high of $139.13. The stock has a fifty day moving average price of $105.94 and a 200 day moving average price of $106.81.

Insider Activity at Axsome Therapeutics

In other news, Director Mark Coleman sold 3,750 shares of the business’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $105.47, for a total transaction of $395,512.50. Following the sale, the director now directly owns 50,387 shares of the company’s stock, valued at $5,314,316.89. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Mark L. Jacobson sold 20,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $103.45, for a total value of $2,069,000.00. Following the completion of the transaction, the chief operating officer now owns 5,783 shares of the company’s stock, valued at $598,251.35. This trade represents a 77.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,423 shares of company stock valued at $4,950,619 over the last ninety days. Insiders own 22.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its position in shares of Axsome Therapeutics by 16,852.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 627,418 shares of the company’s stock valued at $73,176,000 after acquiring an additional 623,717 shares in the last quarter. Boxer Capital Management LLC purchased a new stake in shares of Axsome Therapeutics in the fourth quarter valued at $39,767,000. Lazard Asset Management LLC boosted its position in shares of Axsome Therapeutics by 525.7% in the fourth quarter. Lazard Asset Management LLC now owns 537,669 shares of the company’s stock worth $45,492,000 after buying an additional 451,737 shares during the period. Nuveen LLC acquired a new stake in shares of Axsome Therapeutics in the first quarter worth $48,185,000. Finally, Norges Bank purchased a new position in shares of Axsome Therapeutics during the fourth quarter valued at $34,100,000. 81.49% of the stock is owned by hedge funds and other 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.