Readystate Asset Management LP Lowers Stake in Axsome Therapeutics, Inc. $AXSM

Readystate Asset Management LP lessened its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 81.1% during the 3rd quarter, Holdings Channel reports. The fund owned 17,860 shares of the company’s stock after selling 76,711 shares during the period. Readystate Asset Management LP’s holdings in Axsome Therapeutics were worth $2,169,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Stanley Laman Group Ltd. acquired a new position in Axsome Therapeutics during the 3rd quarter valued at about $2,125,000. Swiss National Bank grew its stake in shares of Axsome Therapeutics by 6.9% during the second quarter. Swiss National Bank now owns 65,200 shares of the company’s stock worth $6,806,000 after acquiring an additional 4,200 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Axsome Therapeutics by 55.4% during the second quarter. Bank of New York Mellon Corp now owns 203,632 shares of the company’s stock valued at $21,257,000 after acquiring an additional 72,609 shares in the last quarter. Cabot Wealth Management Inc. purchased a new position in shares of Axsome Therapeutics in the 3rd quarter valued at approximately $675,000. Finally, Assenagon Asset Management S.A. boosted its stake in Axsome Therapeutics by 62.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 294,771 shares of the company’s stock worth $35,800,000 after purchasing an additional 113,811 shares in the last quarter. 81.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AXSM. Piper Sandler upped their price target on shares of Axsome Therapeutics from $148.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Royal Bank Of Canada lifted their price target on Axsome Therapeutics from $212.00 to $219.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Morgan Stanley lowered Axsome Therapeutics from an “overweight” rating to a “reduce” rating in a report on Thursday, January 8th. Guggenheim restated a “buy” rating and issued a $205.00 price objective on shares of Axsome Therapeutics in a research note on Friday, January 2nd. Finally, UBS Group upped their target price on Axsome Therapeutics from $163.00 to $248.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Seventeen equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $210.65.

Axsome Therapeutics Trading Up 1.2%

Shares of NASDAQ:AXSM opened at $183.30 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 1.50 and a debt-to-equity ratio of 1.66. Axsome Therapeutics, Inc. has a 12-month low of $86.99 and a 12-month high of $191.50. The business has a 50 day moving average of $171.71 and a two-hundred day moving average of $142.74. The company has a market capitalization of $9.24 billion, a PE ratio of -39.25, a PEG ratio of 11.70 and a beta of 0.40.

Insider Activity

In other news, CEO Herriot Tabuteau sold 78,703 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $171.28, for a total transaction of $13,480,249.84. Following the sale, the chief executive officer directly owned 7,229 shares of the company’s stock, valued at $1,238,183.12. This represents a 91.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark E. Saad sold 37,577 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $165.18, for a total value of $6,206,968.86. Following the sale, the director owned 10,002 shares in the company, valued at $1,652,130.36. This trade represents a 78.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 308,874 shares of company stock worth $51,390,805 over the last three months. Corporate insiders own 22.40% 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.