NewEdge Wealth LLC Takes $619,000 Position in Axsome Therapeutics, Inc. $AXSM

NewEdge Wealth LLC bought a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the first quarter, HoldingsChannel.com reports. The firm bought 3,663 shares of the company’s stock, valued at approximately $619,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake in Axsome Therapeutics by 84.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock worth $162,082,000 after purchasing an additional 609,516 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Axsome Therapeutics by 1,230.2% during the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock worth $97,606,000 after buying an additional 534,066 shares during the period. Norges Bank purchased a new stake in shares of Axsome Therapeutics during the fourth quarter worth approximately $90,490,000. Price T Rowe Associates Inc. MD raised its holdings in Axsome Therapeutics by 45.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company’s stock valued at $275,763,000 after acquiring an additional 472,422 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Axsome Therapeutics by 73.3% in the third quarter. Invesco Ltd. now owns 990,557 shares of the company’s stock worth $120,303,000 after acquiring an additional 419,008 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Morgan Stanley raised shares of Axsome Therapeutics from a “reduce” rating to an “overweight” rating in a research report on Thursday, June 11th. Robert W. Baird increased their target price on Axsome Therapeutics from $241.00 to $246.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Oppenheimer set a $280.00 price target on Axsome Therapeutics in a research note on Monday, May 4th. Mizuho lifted their price target on Axsome Therapeutics from $228.00 to $310.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Finally, Wells Fargo & Company lifted their price target on Axsome Therapeutics from $225.00 to $255.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $261.48.

Axsome Therapeutics Stock Down 1.7%

AXSM stock opened at $234.20 on Wednesday. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. Axsome Therapeutics, Inc. has a twelve month low of $96.09 and a twelve month high of $260.19. The company’s 50 day moving average is $239.62 and its two-hundred day moving average is $201.72. The stock has a market cap of $12.05 billion, a P/E ratio of -62.79 and a beta of 0.60.

Axsome Therapeutics (NASDAQ:AXSM) last posted its earnings results on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.41). Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The company had revenue of $191.20 million during the quarter, compared to analysts’ expectations of $191.10 million. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. Research analysts expect that Axsome Therapeutics, Inc. will post -2.45 earnings per share for the current fiscal year.

Insider Activity at Axsome Therapeutics

In other news, COO Mark L. Jacobson sold 4,517 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $227.94, for a total value of $1,029,604.98. Following the completion of the sale, the chief operating officer directly owned 4,517 shares of the company’s stock, valued at approximately $1,029,604.98. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Herriot Tabuteau sold 49,670 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total transaction of $11,970,966.70. Following the transaction, the chief executive officer owned 7,229 shares in the company, valued at approximately $1,742,261.29. This trade represents a 87.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 155,852 shares of company stock valued at $37,230,112 over the last 90 days. 20.60% of the stock is owned by insiders.

Axsome Therapeutics Profile

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.