Envestnet Asset Management Inc. Grows Stake in Axsome Therapeutics, Inc. $AXSM

Envestnet Asset Management Inc. grew its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 12.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,137 shares of the company’s stock after acquiring an additional 3,094 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of Axsome Therapeutics worth $2,937,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Cerity Partners LLC grew its holdings in Axsome Therapeutics by 15.5% during the first quarter. Cerity Partners LLC now owns 5,707 shares of the company’s stock valued at $666,000 after purchasing an additional 766 shares during the period. Xponance Inc. lifted its position in shares of Axsome Therapeutics by 8.7% during the 1st quarter. Xponance Inc. now owns 2,891 shares of the company’s stock valued at $337,000 after buying an additional 232 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Axsome Therapeutics by 49.3% during the 1st quarter. New York State Common Retirement Fund now owns 33,581 shares of the company’s stock valued at $3,917,000 after buying an additional 11,090 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Axsome Therapeutics by 0.4% during the 1st quarter. IFP Advisors Inc now owns 68,114 shares of the company’s stock worth $7,944,000 after acquiring an additional 275 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Axsome Therapeutics during the 1st quarter worth $1,486,000. Institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Price Performance

Shares of NASDAQ:AXSM opened at $139.69 on Friday. The company has a 50 day moving average of $126.29 and a 200 day moving average of $114.81. The company has a current ratio of 1.57, a quick ratio of 1.51 and a debt-to-equity ratio of 1.66. The stock has a market cap of $7.04 billion, a P/E ratio of -27.55 and a beta of 0.50. Axsome Therapeutics, Inc. has a 12 month low of $75.56 and a 12 month high of $144.15.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.12). The firm had revenue of $170.99 million during 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, sell-side analysts forecast that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

AXSM has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Wednesday, October 8th. 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 note on Tuesday, November 4th. Bank of America boosted their price target on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. HC Wainwright raised their price objective on shares of Axsome Therapeutics from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Finally, B. Riley initiated coverage on shares of Axsome Therapeutics in a research note on Wednesday, October 1st. They issued a “buy” rating and a $179.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.88.

Insiders Place Their Bets

In related news, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $115.96, for a total transaction of $1,159,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Herriot Tabuteau sold 21,775 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $134.49, for a total value of $2,928,519.75. Following the completion of the transaction, the chief executive officer owned 7,229 shares in the company, valued at $972,228.21. This represents a 75.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 407,271 shares of company stock worth $50,640,415 in the last quarter. 22.30% of the stock is currently owned by company insiders.

Axsome Therapeutics 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.