Axsome Therapeutics (NASDAQ:AXSM) Receives "Overweight" Rating from Piper Sandler

Key Points

• Piper Sandler reaffirmed an “overweight” rating on Axsome Therapeutics and set a $258 price target, implying 22.87% upside from the prior close. Analysts overall assign the stock a “Moderate Buy” consensus rating with a $267.60 average target.
• AXSM shares fell 2.0% to $209.98 in Friday trading. The company recently reported a quarterly loss of $0.99 per share, missing estimates, while revenue of $218.38 million also came in below expectations.
• Company insiders sold 109,330 shares worth roughly $24.6 million over the past three months, while institutional investors own 81.49% of Axsome’s outstanding stock.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report)'s stock had its "overweight" rating reissued by equities researchers at Piper Sandler in a report issued on Friday, Benzinga reports. They currently have a $258.00 price objective on the stock. Piper Sandler's target price suggests a potential upside of 22.87% from the company's previous close.

A number of other brokerages also recently weighed in on AXSM. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Axsome Therapeutics in a research note on Friday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $290.00 target price on shares of Axsome Therapeutics in a research note on Monday, August 31st. Mizuho raised their price target on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. UBS Group reissued a "buy" rating on shares of Axsome Therapeutics in a report on Monday, August 24th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $380.00 target price on shares of Axsome Therapeutics in a research report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $267.60.

Axsome Therapeutics Trading Down 2.0%

AXSM stock traded down $4.30 during trading on Friday, hitting $209.98. 136,937 shares of the company traded hands, compared to its average volume of 743,515. The company has a 50-day moving average of $217.85 and a 200-day moving average of $209.99. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.34 and a current ratio of 1.43. Axsome Therapeutics has a 1 year low of $114.91 and a 1 year high of $260.19. The firm has a market capitalization of $11.00 billion, a PE ratio of -56.02 and a beta of 0.71.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $218.38 million during the quarter, compared to the consensus estimate of $221.11 million. Analysts predict that Axsome Therapeutics will post -2.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 49,666 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $240.25, for a total transaction of $11,932,256.50. Following the completion of the transaction, the chief executive officer owned 7,229 shares of the company's stock, valued at $1,736,767.25. This represents a 87.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mark Jacobson sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the transaction, the chief operating officer directly owned 10,000 shares of the company's stock, valued at approximately $2,086,500. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 109,330 shares of company stock worth $24,557,062 in the last three months. Insiders own 20.60% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management increased its stake in Axsome Therapeutics by 400.0% in the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company's stock worth $34,000 after buying an additional 160 shares during the period. ABS Investment Management LLC bought a new position in Axsome Therapeutics in the 2nd quarter worth about $171,339,000. ABS Direct Equity Fund LLC purchased a new position in shares of Axsome Therapeutics during the second quarter worth approximately $60,000. Silvant Capital Management LLC bought a new stake in shares of Axsome Therapeutics during the second quarter valued at approximately $66,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Axsome Therapeutics by 505.4% in the second quarter. Parkside Financial Bank & Trust now owns 339 shares of the company's stock valued at $83,000 after purchasing an additional 283 shares during the period. 81.49% of the stock is currently owned by institutional investors.

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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