Axsome Therapeutics (NASDAQ:AXSM) Shares Climb 4.4% – Should You Buy?

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) shot up 4.4% on Wednesday. The stock traded as high as $162.57 and last traded at $163.1270. Approximately 52,462 shares changed hands during trading, a decline of 93% from the average session volume of 755,612 shares. The stock had previously closed at $156.32.

Wall Street Analyst Weigh In

AXSM has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $258.00 target price on shares of Axsome Therapeutics in a research report on Friday, September 18th. Zacks Research raised shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Guggenheim increased their price target on shares of Axsome Therapeutics from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. BMO Capital Markets initiated coverage on shares of Axsome Therapeutics in a research note on Monday, July 20th. They set an “outperform” rating and a $310.00 price target on the stock. Finally, Mizuho lifted their price target on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Axsome Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $275.74.

Axsome Therapeutics Trading Down 0.3%

The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52. The business has a fifty day moving average price of $198.93 and a 200 day moving average price of $212.99.

Axsome Therapeutics (NASDAQ:AXSM) last issued its 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). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%. The firm had revenue of $218.38 million for the quarter, compared to analysts’ expectations of $221.11 million. On average, equities analysts forecast that Axsome Therapeutics, Inc. will post -2.92 earnings per share for the current fiscal year.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 4,660 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $213.95, for a total transaction of $997,007.00. Following the completion of the sale, the chief executive officer directly owned 7,229 shares in the company, valued at $1,546,644.55. The trade was a 39.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mark Jacobson sold 10,000 shares of the stock in a transaction 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 completion of the sale, the chief operating officer directly owned 10,000 shares of the company’s stock, valued at $2,086,500. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 59,664 shares of company stock valued at $12,624,805. 20.60% of the stock is owned by insiders.

Institutional Trading of Axsome Therapeutics

A number of institutional investors have recently added to or reduced their stakes in AXSM. Avior Wealth Management LLC purchased a new position in Axsome Therapeutics in the third quarter valued at about $521,000. GAMMA Investing LLC lifted its stake in shares of Axsome Therapeutics by 19.9% during the third quarter. GAMMA Investing LLC now owns 416 shares of the company’s stock worth $77,000 after purchasing an additional 69 shares in the last quarter. ABS Direct Equity Fund LLC acquired a new position in shares of Axsome Therapeutics during the second quarter worth about $60,000. Sequoia Financial Advisors LLC acquired a new position in shares of Axsome Therapeutics during the second quarter worth about $217,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Axsome Therapeutics in the second quarter worth about $251,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company uses differentiated product candidates and targeted mechanisms to address conditions with significant unmet medical needs, including depression, sleep disorders, migraine, and other neurological or psychiatric diseases.

Axsome’s lead commercial product is Auvelity (dextromethorphan hydrobromide and bupropion hydrochloride), an oral medicine approved in the United States for the treatment of major depressive disorder in adults.