Needham & Company LLC Reiterates “Buy” Rating for Axsome Therapeutics (NASDAQ:AXSM)

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They presently have a $225.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 22.47% from the stock’s current price.

Several other brokerages also recently issued reports on AXSM. UBS Group upped their price target on Axsome Therapeutics from $163.00 to $248.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. HC Wainwright lifted their price objective on shares of Axsome Therapeutics from $200.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Jefferies Financial Group upped their target price on shares of Axsome Therapeutics from $200.00 to $245.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd. Piper Sandler raised their price target on shares of Axsome Therapeutics from $148.00 to $223.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Axsome Therapeutics in a research report on Wednesday, January 14th. Sixteen equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Axsome Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $216.07.

Axsome Therapeutics Price Performance

AXSM stock opened at $183.72 on Monday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.50 and a current ratio of 1.57. The business has a 50-day simple moving average of $173.88 and a two-hundred day simple moving average of $144.44. The company has a market capitalization of $9.26 billion, a P/E ratio of -39.34, a price-to-earnings-growth ratio of 13.22 and a beta of 0.40. Axsome Therapeutics has a 52-week low of $86.99 and a 52-week high of $191.50.

Insider Activity at Axsome Therapeutics

In related news, insider Ari Maizel sold 7,500 shares of Axsome Therapeutics stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $184.44, for a total value of $1,383,300.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Nick Pizzie sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $187.92, for a total value of $2,255,040.00. Following the completion of the transaction, the chief financial officer owned 42,588 shares in the company, valued at approximately $8,003,136.96. The trade was a 21.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 308,874 shares of company stock worth $51,390,805. 22.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Several large investors have recently added to or reduced their stakes in AXSM. Versant Capital Management Inc raised its stake in Axsome Therapeutics by 20,300.0% in the 3rd quarter. Versant Capital Management Inc now owns 204 shares of the company’s stock valued at $25,000 after acquiring an additional 203 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Axsome Therapeutics in the fourth quarter worth about $31,000. First Horizon Corp bought a new stake in shares of Axsome Therapeutics in the third quarter valued at approximately $34,000. Optiver Holding B.V. lifted its stake in shares of Axsome Therapeutics by 82.3% during the 3rd quarter. Optiver Holding B.V. now owns 288 shares of the company’s stock valued at $35,000 after buying an additional 130 shares in the last quarter. Finally, Ameriflex Group Inc. bought a new position in Axsome Therapeutics in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

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.