HC Wainwright Reaffirms "Buy" Rating for Axsome Therapeutics (NASDAQ:AXSM)

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Axsome Therapeutics and set a $290 price target, implying 45.52% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $267.60.
• AXSM shares rose 0.1% to $199.29, while the company reported a quarterly loss of $0.99 per share, missing the $0.89 consensus estimate, and revenue of $218.38 million, slightly below expectations.
• Insiders sold $43.9 million worth of shares over the past 90 days, although institutional investors continue to own a substantial 81.49% of the company.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $290.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 45.52% from the company's previous close.

A number of other research firms have also weighed in on AXSM. Jefferies Financial Group restated a "buy" rating and issued a $380.00 target price on shares of Axsome Therapeutics in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft set a $280.00 target price on Axsome Therapeutics in a report on Tuesday, May 5th. Oppenheimer set a $280.00 target price on Axsome Therapeutics in a research report on Monday, May 4th. Guggenheim upped their target price on shares of Axsome Therapeutics from $260.00 to $275.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Finally, Needham & Company LLC raised their price target on shares of Axsome Therapeutics from $267.00 to $268.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $267.60.

Axsome Therapeutics Stock Up 0.1%

Shares of AXSM traded up $0.27 during trading hours on Monday, reaching $199.29. The stock had a trading volume of 105,580 shares, compared to its average volume of 753,557. The firm has a 50-day simple moving average of $227.43 and a 200 day simple moving average of $206.89. Axsome Therapeutics has a 12 month low of $112.90 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 company has a market capitalization of $10.44 billion, a price-to-earnings ratio of -53.14 and a beta of 0.65.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.99) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $221.11 million. Equities research analysts predict that Axsome Therapeutics will post -2.8 earnings per share for the current fiscal year.

Insider Activity at Axsome Therapeutics

In related news, Director Mark Coleman sold 5,537 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $223.39, for a total transaction of $1,236,910.43. Following the completion of the sale, the director owned 29,603 shares in the company, valued at approximately $6,613,014.17. This trade represents a 15.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Susan Mahony sold 300 shares of Axsome Therapeutics stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $237.21, for a total transaction of $71,163.00. Following the completion of the sale, the director directly owned 1,129 shares in the company, valued at approximately $267,810.09. This represents a 20.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 188,766 shares of company stock valued at $43,903,086 in the last 90 days. 20.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of AXSM. Kemnay Advisory Services Inc. bought a new stake in Axsome Therapeutics during the 4th quarter worth approximately $31,000. Hollencrest Capital Management boosted its holdings in 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 during the period. Ameriflex Group Inc. bought a new position in Axsome Therapeutics in the 4th quarter valued at $37,000. Advisory Services Network LLC purchased a new position in shares of Axsome Therapeutics during the 3rd quarter valued at $40,000. Finally, Farther Finance Advisors LLC grew its position in shares of Axsome Therapeutics by 602.6% during the 4th quarter. Farther Finance Advisors LLC now owns 274 shares of the company's stock valued at $50,000 after purchasing an additional 235 shares in the last quarter. 81.49% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source