Axsome Therapeutics (NASDAQ:AXSM) Reaches New 1-Year High – Here’s Why

Axsome Therapeutics, Inc. (NASDAQ:AXSM) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $256.00 and last traded at $246.34, with a volume of 741228 shares. The stock had previously closed at $245.64.

Analyst Ratings Changes

AXSM has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft set a $280.00 price target on shares of Axsome Therapeutics in a report on Tuesday, May 5th. Needham & Company LLC increased their price target on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Monday, April 20th. Jefferies Financial Group reissued a “buy” rating and set a $380.00 price target on shares of Axsome Therapeutics in a report on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $272.00 price target on shares of Axsome Therapeutics in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $256.79.

Axsome Therapeutics Stock Up 0.6%

The company has a debt-to-equity ratio of 2.27, a current ratio of 1.39 and a quick ratio of 1.32. The firm’s 50-day simple moving average is $210.94 and its two-hundred day simple moving average is $181.95. The company has a market capitalization of $13.13 billion, a price-to-earnings ratio of -68.41 and a beta of 0.61.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Monday, May 4th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The company had revenue of $191.20 million for the quarter, compared to analyst estimates of $191.10 million. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. Sell-side analysts predict that Axsome Therapeutics, Inc. will post -2.27 EPS for the current fiscal year.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, Director Mark Coleman sold 6,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $230.30, for a total transaction of $1,381,800.00. Following the transaction, the director directly owned 35,140 shares in the company, valued at approximately $8,092,742. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Mark L. Jacobson sold 4,517 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $227.94, for a total transaction of $1,029,604.98. Following the transaction, the chief operating officer owned 4,517 shares in the company, valued at $1,029,604.98. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 113,686 shares of company stock valued at $26,666,006 in the last ninety days. Company insiders own 20.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of Axsome Therapeutics by 84.1% in the third quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company’s stock valued at $162,082,000 after purchasing an additional 609,516 shares during the last quarter. First Trust Advisors LP grew its position in shares of Axsome Therapeutics by 1,230.2% in the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock valued at $97,606,000 after purchasing an additional 534,066 shares during the last quarter. Norges Bank acquired a new stake in shares of Axsome Therapeutics in the fourth quarter valued at approximately $90,490,000. Price T Rowe Associates Inc. MD grew its position in shares of 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 purchasing an additional 472,422 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Axsome Therapeutics by 73.3% in the third quarter. Invesco Ltd. now owns 990,557 shares of the company’s stock valued at $120,303,000 after purchasing an additional 419,008 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors and hedge funds.

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.