Axsome Therapeutics (NASDAQ:AXSM) Upgraded by Truist Financial to Strong-Buy Rating

Truist Financial upgraded shares of Axsome Therapeutics (NASDAQ:AXSM) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

AXSM has been the topic of a number of other reports. Guggenheim lifted their price objective on Axsome Therapeutics from $220.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday. TD Cowen reissued a “buy” rating on shares of Axsome Therapeutics in a report on Monday, February 23rd. Wells Fargo & Company raised their target price on shares of Axsome Therapeutics from $193.00 to $202.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 24th. Piper Sandler lifted their price target on shares of Axsome Therapeutics from $148.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $225.00 price target on shares of Axsome Therapeutics in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $217.59.

Axsome Therapeutics Trading Up 1.9%

NASDAQ:AXSM opened at $161.78 on Wednesday. Axsome Therapeutics has a one year low of $86.99 and a one year high of $191.50. The business has a fifty day moving average price of $173.75 and a 200-day moving average price of $151.72. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of -43.84 and a beta of 0.43. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.55 and a quick ratio of 1.48.

Axsome Therapeutics (NASDAQ:AXSM) last released its earnings results on Monday, February 23rd. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.14. Axsome Therapeutics had a negative return on equity of 232.61% and a negative net margin of 28.69%.The company had revenue of $196.00 million for the quarter, compared to the consensus estimate of $191.33 million. Axsome Therapeutics’s revenue for the quarter was up 65.0% compared to the same quarter last year. Sell-side analysts forecast that Axsome Therapeutics will post -2.79 EPS for the current year.

Insider Activity

In related news, CFO Nick Pizzie sold 12,000 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $187.92, for a total transaction of $2,255,040.00. Following the sale, the chief financial officer owned 42,588 shares of the company’s stock, valued at approximately $8,003,136.96. This trade represents a 21.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark Coleman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $161.11, for a total value of $4,027,750.00. Following the completion of the transaction, the director directly owned 47,140 shares in the company, valued at approximately $7,594,725.40. This represents a 34.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 289,279 shares of company stock valued at $49,496,963 in the last three months. 22.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kemnay Advisory Services Inc. purchased a new position in Axsome Therapeutics during the fourth quarter valued at $31,000. Ameriflex Group Inc. purchased a new stake in Axsome Therapeutics in the 4th quarter worth $37,000. Versant Capital Management Inc boosted its holdings in shares of Axsome Therapeutics by 20,300.0% during the 3rd quarter. Versant Capital Management Inc now owns 204 shares of the company’s stock valued at $25,000 after purchasing an additional 203 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Axsome Therapeutics by 65.4% during the 4th quarter. GAMMA Investing LLC now owns 268 shares of the company’s stock valued at $49,000 after purchasing an additional 106 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Axsome Therapeutics by 602.6% during the fourth quarter. Farther Finance Advisors LLC now owns 274 shares of the company’s stock valued at $50,000 after purchasing an additional 235 shares in the last quarter. 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.