Axsome Therapeutics (NASDAQ:AXSM) Stock Gets Price Target Cut from Piper Sandler

Axsome Therapeutics (NASDAQ:AXSM) had its target price trimmed by Piper Sandler from $258.00 to $238.00 in a research note published on Monday, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the stock.

Several other research firms have also commented on AXSM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Thursday, October 15th. Morgan Stanley lowered their price objective on Axsome Therapeutics from $251.00 to $247.00 and set an “equal weight” rating for the company in a research report on Friday, September 25th. Zacks Research upgraded Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Needham & Company LLC raised their target price on Axsome Therapeutics from $267.00 to $268.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Finally, HC Wainwright restated a “buy” rating on shares of Axsome Therapeutics in a research report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $274.68.

Axsome Therapeutics Price Performance

Shares of AXSM stock opened at $143.51 on Monday. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34. The firm’s 50-day moving average is $187.53 and its two-hundred day moving average is $199.22. Axsome Therapeutics has a 12 month low of $123.50 and a 12 month high of $260.19. The company has a market capitalization of $7.52 billion, a PE ratio of -38.27 and a beta of 0.86.

Axsome Therapeutics (NASDAQ:AXSM) last posted its earnings results on Monday, August 10th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The firm had revenue of $218.38 million during the quarter, compared to analyst estimates of $221.11 million. Analysts predict that Axsome Therapeutics will post -2.97 earnings per share for the current year.

Insider Transactions at Axsome Therapeutics

In other 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 value of $997,007.00. Following the sale, the chief executive officer directly owned 7,229 shares of the company’s stock, valued at approximately $1,546,644.55. The trade was a 39.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Mark L. Jacobson sold 10,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief operating officer owned 10,000 shares in the company, valued at approximately $2,086,500. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 59,664 shares of company stock valued at $12,624,805. Company insiders own 20.60% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds have recently made changes to their positions in AXSM. Hollencrest Capital Management grew its stake in Axsome Therapeutics by 400.0% during the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company’s stock worth $34,000 after purchasing an additional 160 shares in the last quarter. ABS Direct Equity Fund LLC purchased a new stake in Axsome Therapeutics during the 2nd quarter worth about $60,000. Silvant Capital Management LLC purchased a new stake in Axsome Therapeutics during the 2nd quarter worth about $66,000. GAMMA Investing LLC increased its holdings in Axsome Therapeutics by 19.9% during the 3rd quarter. GAMMA Investing LLC now owns 416 shares of the company’s stock worth $77,000 after purchasing an additional 69 shares during the period. Finally, Parkside Financial Bank & Trust increased its holdings in Axsome Therapeutics by 505.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 339 shares of the company’s stock worth $83,000 after purchasing an additional 283 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.