Stock Traders Purchase Large Volume of Put Options on Axsome Therapeutics (NASDAQ:AXSM)

Axsome Therapeutics, Inc. (NASDAQ:AXSM) was the recipient of some unusual options trading activity on Thursday. Traders acquired 2,245 put options on the stock. This represents an increase of approximately 200% compared to the average daily volume of 749 put options.

Analyst Ratings Changes

A number of research analysts have commented on AXSM shares. Royal Bank Of Canada reiterated an “outperform” rating on shares of Axsome Therapeutics in a research report on Wednesday, October 14th. Wells Fargo & Company boosted their target price on Axsome Therapeutics from $255.00 to $256.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 11th. Guggenheim raised their price target on Axsome Therapeutics from $260.00 to $275.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Truist Financial increased their price target on Axsome Therapeutics from $200.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Axsome Therapeutics from $280.00 to $267.00 and set a “buy” rating on the stock in a research note on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Axsome Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $274.68.

Axsome Therapeutics Trading Down 0.0%

AXSM traded down $0.06 during mid-day trading on Thursday, hitting $143.45. The stock had a trading volume of 850,168 shares, compared to its average volume of 765,105. The stock’s fifty day simple moving average is $187.53 and its 200-day simple moving average is $199.22. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of -38.25 and a beta of 0.86. Axsome Therapeutics has a 1-year low of $123.50 and a 1-year high of $260.19. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The firm had revenue of $218.38 million during the quarter, compared to analyst estimates of $221.11 million. As a group, research analysts forecast that Axsome Therapeutics will post -2.97 EPS for the current fiscal year.

Insider Activity

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 4,660 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $213.95, for a total value of $997,007.00. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares of the company’s stock, valued at approximately $1,546,644.55. The trade was a 39.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Mark Jacobson sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the transaction, the chief operating officer owned 10,000 shares in the company, valued at $2,086,500. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 59,664 shares of company stock valued at $12,624,805 in the last 90 days. Corporate insiders own 20.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AXSM. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Axsome Therapeutics during the third quarter worth about $494,000. Profund Advisors LLC grew its position in shares of Axsome Therapeutics by 608.6% in the 3rd quarter. Profund Advisors LLC now owns 7,291 shares of the company’s stock valued at $1,344,000 after purchasing an additional 6,262 shares during the period. ProShare Advisors LLC grew its position in shares of Axsome Therapeutics by 7.8% in the 3rd quarter. ProShare Advisors LLC now owns 1,816 shares of the company’s stock valued at $335,000 after purchasing an additional 131 shares during the period. Vise Technologies Inc. grew its position in shares of Axsome Therapeutics by 35.4% in the 3rd quarter. Vise Technologies Inc. now owns 3,349 shares of the company’s stock valued at $618,000 after purchasing an additional 876 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in Axsome Therapeutics by 16.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,557 shares of the company’s stock worth $1,779,000 after purchasing an additional 1,367 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.