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

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s share price reached a new 52-week high during trading on Thursday after Mizuho raised their price target on the stock from $200.00 to $202.00. Mizuho currently has an outperform rating on the stock. Axsome Therapeutics traded as high as $140.87 and last traded at $139.9550, with a volume of 255992 shares traded. The stock had previously closed at $135.69.

A number of other research firms also recently weighed in on AXSM. Bank of America boosted their target price on Axsome Therapeutics from $173.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Morgan Stanley lifted their target price on shares of Axsome Therapeutics from $194.00 to $196.00 and gave the stock an “overweight” rating in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Wednesday, October 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $154.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday. Finally, Royal Bank Of Canada boosted their target price on Axsome Therapeutics from $189.00 to $198.00 and gave the company an “outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $179.88.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, Director Roger Jeffs sold 20,000 shares of Axsome Therapeutics stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $121.60, for a total transaction of $2,432,000.00. Following the completion of the transaction, the director owned 90,974 shares in the company, valued at approximately $11,062,438.40. The trade was a 18.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Mark L. Jacobson sold 45,783 shares of the company’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $114.48, for a total transaction of $5,241,237.84. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 407,271 shares of company stock valued at $50,640,415. 22.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Abich Financial Wealth Management LLC purchased a new stake in Axsome Therapeutics during the 3rd quarter valued at $60,000. Assetmark Inc. grew its holdings in shares of Axsome Therapeutics by 11.5% in the third quarter. Assetmark Inc. now owns 1,253 shares of the company’s stock worth $152,000 after acquiring an additional 129 shares during the period. Baader Bank Aktiengesellschaft purchased a new stake in Axsome Therapeutics during the third quarter valued at $252,000. Essex Investment Management Co. LLC bought a new position in Axsome Therapeutics in the third quarter valued at about $38,000. Finally, Signature Estate & Investment Advisors LLC bought a new position in Axsome Therapeutics in the third quarter valued at about $222,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Price Performance

The firm has a 50-day simple moving average of $124.37 and a 200-day simple moving average of $113.37. The firm has a market capitalization of $6.96 billion, a PE ratio of -27.50 and a beta of 0.50. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.51.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings data 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). The business had revenue of $170.99 million for the quarter, compared to the consensus estimate of $162.96 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. Axsome Therapeutics’s revenue for the quarter was up 63.2% on a year-over-year basis. As a group, equities analysts forecast that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

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.