Bank of America Boosts Axsome Therapeutics (NASDAQ:AXSM) Price Target to $176.00

Axsome Therapeutics (NASDAQ:AXSM) had its price target hoisted by research analysts at Bank of America from $173.00 to $176.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 70.44% from the company’s current price.

Several other research analysts also recently commented on AXSM. Jefferies Financial Group assumed coverage on Axsome Therapeutics in a report on Monday, April 7th. They set a “buy” rating and a $200.00 target price on the stock. Morgan Stanley initiated coverage on Axsome Therapeutics in a research note on Thursday, July 3rd. They issued an “overweight” rating and a $190.00 price objective on the stock. Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 price objective (up from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. Cantor Fitzgerald raised Axsome Therapeutics to a “strong-buy” rating in a research note on Wednesday, May 14th. Finally, Robert W. Baird boosted their price objective on Axsome Therapeutics from $160.00 to $162.00 and gave the company an “outperform” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $178.00.

Axsome Therapeutics Trading Down 0.3%

Shares of AXSM stock opened at $103.26 on Tuesday. The firm has a market capitalization of $5.08 billion, a P/E ratio of -20.37 and a beta of 0.51. Axsome Therapeutics has a twelve month low of $75.56 and a twelve month high of $139.13. The company has a quick ratio of 1.96, a current ratio of 1.57 and a debt-to-equity ratio of 1.66. The stock’s fifty day simple moving average is $105.87 and its 200 day simple moving average is $110.65.

Axsome Therapeutics (NASDAQ:AXSM) last announced its earnings results on Monday, August 4th. The company reported ($0.92) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.08. The firm had revenue of $150.04 million for the quarter, compared to the consensus estimate of $140.02 million. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%. As a group, sell-side analysts predict that Axsome Therapeutics will post -2.79 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Hunter R. Murdock sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $100.26, for a total value of $751,950.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Coleman sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total value of $395,512.50. Following the completion of the transaction, the director directly owned 50,387 shares of the company’s stock, valued at approximately $5,314,316.89. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 93,437 shares of company stock valued at $9,834,215 over the last three months. Corporate insiders own 22.30% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in Axsome Therapeutics during the first quarter valued at $25,000. NBC Securities Inc. bought a new position in shares of Axsome Therapeutics in the first quarter worth $31,000. Quantbot Technologies LP bought a new position in shares of Axsome Therapeutics in the first quarter worth $31,000. AlphaQuest LLC bought a new position in shares of Axsome Therapeutics in the first quarter worth $38,000. Finally, Neo Ivy Capital Management bought a new position in shares of Axsome Therapeutics in the first quarter worth $41,000. 81.49% of the stock is owned by 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.