Truist Financial Upgrades Axsome Therapeutics (NASDAQ:AXSM) to Strong-Buy

Axsome Therapeutics (NASDAQ:AXSM) was upgraded by Truist Financial to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. Jefferies Financial Group set a $215.00 target price on Axsome Therapeutics in a research report on Monday, February 23rd. Wolfe Research began coverage on Axsome Therapeutics in a research report on Monday, February 23rd. They set an “outperform” rating and a $230.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Wednesday, January 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $220.00 price objective on shares of Axsome Therapeutics in a research report on Wednesday, December 31st. Finally, UBS Group lifted their price objective on shares of Axsome Therapeutics from $248.00 to $251.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $217.59.

Axsome Therapeutics Stock Performance

Shares of AXSM stock opened at $164.26 on Wednesday. The company has a current ratio of 1.55, a quick ratio of 1.48 and a debt-to-equity ratio of 1.38. The company has a market cap of $8.40 billion, a PE ratio of -44.51 and a beta of 0.43. The company’s fifty day simple moving average is $173.55 and its 200-day simple moving average is $151.81. Axsome Therapeutics has a 52 week low of $86.99 and a 52 week high of $191.50.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, February 23rd. The company reported ($0.56) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.14. Axsome Therapeutics had a negative net margin of 28.69% and a negative return on equity of 232.61%. The firm had revenue of $196.00 million during the quarter, compared to analysts’ expectations of $191.33 million. Axsome Therapeutics’s revenue for the quarter was up 65.0% on a year-over-year basis. As a group, equities research analysts anticipate that Axsome Therapeutics will post -2.79 EPS for the current year.

Insider Activity

In other Axsome Therapeutics news, Director Mark Coleman sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $161.11, for a total transaction of $4,027,750.00. Following the transaction, the director owned 47,140 shares of the company’s stock, valued at $7,594,725.40. This trade represents a 34.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Herriot Tabuteau sold 78,703 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $171.28, for a total value of $13,480,249.84. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at $1,238,183.12. This trade represents a 91.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 289,279 shares of company stock worth $49,496,963 over the last ninety days. Insiders own 22.30% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new position in shares of Axsome Therapeutics in the 4th quarter worth about $31,000. Ameriflex Group Inc. bought a new position in Axsome Therapeutics in the fourth quarter worth about $37,000. Versant Capital Management Inc boosted its stake in Axsome Therapeutics by 20,300.0% in the third quarter. Versant Capital Management Inc now owns 204 shares of the company’s stock valued at $25,000 after acquiring an additional 203 shares during the period. GAMMA Investing LLC grew its holdings in shares of Axsome Therapeutics by 65.4% during the fourth quarter. GAMMA Investing LLC now owns 268 shares of the company’s stock valued at $49,000 after purchasing an additional 106 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Axsome Therapeutics by 602.6% during the fourth quarter. Farther Finance Advisors LLC now owns 274 shares of the company’s stock valued at $50,000 after purchasing an additional 235 shares during the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.