Axsome Therapeutics (NASDAQ:AXSM) Price Target Raised to $268.00

Axsome Therapeutics (NASDAQ:AXSM) had its target price raised by Needham & Company LLC from $267.00 to $268.00 in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. They currently have a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley upgraded shares of Axsome Therapeutics from a “reduce” rating to an “overweight” rating in a report on Thursday, June 11th. Wells Fargo & Company increased their price objective on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. HC Wainwright reissued a “buy” rating and issued a $290.00 price objective on shares of Axsome Therapeutics in a research note on Wednesday, July 15th. TD Cowen boosted their target price on Axsome Therapeutics from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $258.00 target price on shares of Axsome Therapeutics in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Axsome Therapeutics has an average rating of “Moderate Buy” and an average price target of $267.60.

Axsome Therapeutics Stock Performance

NASDAQ AXSM opened at $213.68 on Tuesday. The business’s 50 day moving average price is $235.91 and its 200-day moving average price is $204.99. Axsome Therapeutics has a fifty-two week low of $107.81 and a fifty-two week high of $260.19. The company has a market cap of $11.19 billion, a P/E ratio of -56.98 and a beta of 0.65. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.32 and a current ratio of 1.39.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). The company had revenue of $218.38 million during the quarter, compared to the consensus estimate of $221.11 million. Axsome Therapeutics had a negative return on equity of 275.76% and a negative net margin of 24.68%. Sell-side analysts predict that Axsome Therapeutics will post -2.71 earnings per share for the current year.

Insider Transactions at Axsome Therapeutics

In related news, CFO Nick Pizzie sold 33,000 shares of Axsome Therapeutics stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total value of $7,922,970.00. Following the completion of the sale, the chief financial officer directly owned 42,867 shares in the company, valued at $10,291,938.03. The trade was a 43.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Herriot Tabuteau sold 49,670 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 7,229 shares of the company’s stock, valued at approximately $1,742,261.29. This trade represents a 87.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 200,766 shares of company stock worth $46,685,646. Corporate insiders own 20.60% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of AXSM. Kemnay Advisory Services Inc. bought a new position in Axsome Therapeutics in the fourth quarter worth approximately $31,000. Hollencrest Capital Management increased its holdings in shares of Axsome Therapeutics by 400.0% in the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company’s stock valued at $34,000 after acquiring an additional 160 shares during the period. Ameriflex Group Inc. purchased a new position in shares of Axsome Therapeutics in the 4th quarter valued at $37,000. Silvant Capital Management LLC bought a new position in shares of Axsome Therapeutics in the 2nd quarter worth $66,000. Finally, Farther Finance Advisors LLC raised its position in shares of Axsome Therapeutics by 602.6% in the 4th quarter. Farther Finance Advisors LLC now owns 274 shares of the company’s stock worth $50,000 after acquiring an additional 235 shares in the last quarter. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Company 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.