Axsome Therapeutics (NASDAQ:AXSM) Price Target Cut to $267.00 by Analysts at Deutsche Bank Aktiengesellschaft

Key Points

• Deutsche Bank lowered Axsome Therapeutics’ price target from $280 to $267 while maintaining a “buy” rating, implying roughly 42% upside from the reported $188 share price.
• Analyst sentiment remains broadly positive, with MarketBeat reporting an average “Moderate Buy” rating and consensus price target of $271, despite mixed calls ranging from “strong buy” to “sell.”
• Axsome reported a quarterly EPS loss of $0.99, missing estimates by $0.10, while revenue of $218.38 million also fell short of expectations; insiders sold 109,330 shares worth approximately $24.6 million in the latest quarter.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its price objective lowered by investment analysts at Deutsche Bank Aktiengesellschaft from $280.00 to $267.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Deutsche Bank Aktiengesellschaft's target price would suggest a potential upside of 42.02% from the stock's current price.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley lowered their target price on Axsome Therapeutics from $251.00 to $247.00 and set an "equal weight" rating on the stock in a report on Friday. BMO Capital Markets initiated coverage on Axsome Therapeutics in a report on Monday, July 20th. They issued an "outperform" rating and a $310.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Axsome Therapeutics in a research note on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating on shares of Axsome Therapeutics in a research note on Friday. Finally, Mizuho lifted their price objective on Axsome Therapeutics from $306.00 to $316.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $271.00.

Axsome Therapeutics Price Performance

Shares of AXSM stock traded down $5.89 during mid-day trading on Tuesday, reaching $188.00. The stock had a trading volume of 144,134 shares, compared to its average volume of 739,803. Axsome Therapeutics has a 12-month low of $117.30 and a 12-month high of $260.19. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 1.52. The business has a 50-day simple moving average of $213.27 and a 200 day simple moving average of $211.72. The company has a market cap of $9.85 billion, a P/E ratio of -49.93 and a beta of 0.71.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) 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 business had revenue of $218.38 million during the quarter, compared to analysts' expectations of $221.11 million. On average, sell-side analysts anticipate that Axsome Therapeutics will post -2.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Mark L. Jacobson sold 10,000 shares of the company's stock in a transaction 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 sale, the chief operating officer directly owned 10,000 shares in the company, valued at $2,086,500. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Herriot Tabuteau sold 49,666 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $240.25, for a total value of $11,932,256.50. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at $1,736,767.25. This trade represents a 87.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 109,330 shares of company stock worth $24,557,062. 20.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management lifted its stake in shares of Axsome Therapeutics by 400.0% in the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company's stock valued at $34,000 after purchasing an additional 160 shares in the last quarter. ABS Investment Management LLC purchased a new stake in shares of Axsome Therapeutics during the 2nd quarter worth about $171,339,000. ABS Direct Equity Fund LLC purchased a new stake in shares of Axsome Therapeutics during the 2nd quarter worth about $60,000. Silvant Capital Management LLC acquired a new stake in Axsome Therapeutics during the 2nd quarter worth approximately $66,000. Finally, Parkside Financial Bank & Trust increased its position 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 in the last quarter. 81.49% of the stock is currently owned by institutional investors and hedge funds.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company's research programs address conditions with substantial unmet medical needs, including depression, migraine, narcolepsy, excessive daytime sleepiness, agitation associated with Alzheimer's disease, and other neurological or psychiatric disorders.

Axsome's commercial portfolio includes Auvelity, an oral medicine approved in the United States for the treatment of major depressive disorder in adults.

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