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

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s share price hit a new 52-week high on Monday . The stock traded as high as $192.83 and last traded at $189.60, with a volume of 140065 shares. The stock had previously closed at $185.96.

Analysts Set New Price Targets

Several brokerages recently weighed in on AXSM. Needham & Company LLC reaffirmed a “buy” rating and issued a $225.00 target price on shares of Axsome Therapeutics in a report on Monday, February 23rd. Piper Sandler upped their target price on shares of Axsome Therapeutics from $148.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Wolfe Research began coverage on shares of Axsome Therapeutics in a report on Monday, February 23rd. They issued an “outperform” rating and a $230.00 target price for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $220.00 target price on shares of Axsome Therapeutics in a report on Wednesday, December 31st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Axsome Therapeutics in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $218.06.

Axsome Therapeutics Stock Performance

The firm has a market cap of $9.41 billion, a PE ratio of -49.85 and a beta of 0.48. The company has a current ratio of 1.55, a quick ratio of 1.48 and a debt-to-equity ratio of 1.38. The firm’s 50 day simple moving average is $170.53 and its 200 day simple moving average is $161.65.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, February 23rd. The company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.70) by $0.14. The business had revenue of $196.00 million for the quarter, compared to analysts’ expectations of $191.33 million. Axsome Therapeutics had a negative net margin of 28.69% and a negative return on equity of 232.61%. The business’s revenue was up 65.0% on a year-over-year basis. On average, research analysts forecast that Axsome Therapeutics, Inc. will post -1.22 EPS for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other news, COO Mark L. Jacobson sold 35,378 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $161.88, for a total transaction of $5,726,990.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark Coleman sold 25,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $161.11, for a total transaction of $4,027,750.00. Following the sale, the director owned 47,140 shares in the company, valued at $7,594,725.40. This represents a 34.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,288 shares of company stock valued at $17,138,187 over the last quarter. 22.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Several hedge funds have recently added to or reduced their stakes in AXSM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Axsome Therapeutics by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company’s stock valued at $2,557,000 after purchasing an additional 1,002 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Axsome Therapeutics by 2,407.9% during the 1st quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company’s stock valued at $889,000 after purchasing an additional 7,320 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Axsome Therapeutics by 38.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company’s stock valued at $35,189,000 after purchasing an additional 84,151 shares during the last quarter. Caxton Associates LLP bought a new position in Axsome Therapeutics during the 1st quarter valued at about $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Axsome Therapeutics by 29.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company’s stock valued at $8,735,000 after purchasing an additional 17,250 shares during 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.