Axsome Therapeutics, Inc. (NASDAQ:AXSM) Sees Large Drop in Short Interest

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 4,420,000 shares, a drop of 14.2% from the March 31st total of 5,150,000 shares. Currently, 11.7% of the company's shares are sold short. Based on an average trading volume of 891,700 shares, the days-to-cover ratio is presently 5.0 days.

Insider Buying and Selling

In related news, CFO Nick Pizzie sold 3,000 shares of the company's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $131.07, for a total value of $393,210.00. Following the completion of the transaction, the chief financial officer now directly owns 42,187 shares in the company, valued at approximately $5,529,450.09. This represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 22.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in Axsome Therapeutics by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 212,110 shares of the company's stock worth $19,062,000 after purchasing an additional 27,534 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Axsome Therapeutics in the 4th quarter worth approximately $2,599,000. Intech Investment Management LLC boosted its holdings in shares of Axsome Therapeutics by 46.5% in the fourth quarter. Intech Investment Management LLC now owns 16,028 shares of the company's stock valued at $1,356,000 after acquiring an additional 5,087 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Axsome Therapeutics during the fourth quarter valued at approximately $14,771,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Axsome Therapeutics by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 328,034 shares of the company's stock worth $27,755,000 after purchasing an additional 5,438 shares in the last quarter. Institutional investors and hedge funds own 81.49% of the company's stock.

Axsome Therapeutics Stock Performance

NASDAQ:AXSM traded down $4.33 during mid-day trading on Tuesday, hitting $112.16. The stock had a trading volume of 716,105 shares, compared to its average volume of 686,751. Axsome Therapeutics has a 52 week low of $64.11 and a 52 week high of $139.13. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.22. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of -18.72 and a beta of 0.46. The company has a 50 day simple moving average of $113.35 and a 200-day simple moving average of $104.18.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The company reported ($0.96) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.97) by $0.01. Axsome Therapeutics had a negative return on equity of 223.51% and a negative net margin of 74.47%. The business had revenue of $118.77 million during the quarter, compared to the consensus estimate of $117.83 million. On average, research analysts expect that Axsome Therapeutics will post -2.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AXSM. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Axsome Therapeutics in a research note on Tuesday, February 11th. They set a "buy" rating and a $176.00 price target on the stock. Wells Fargo & Company reiterated an "overweight" rating and issued a $165.00 price target (up from $160.00) on shares of Axsome Therapeutics in a report on Tuesday. Needham & Company LLC restated a "buy" rating and set a $153.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, April 1st. Leerink Partners increased their price objective on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the company an "outperform" rating in a research report on Monday, February 10th. Finally, Bank of America boosted their price objective on shares of Axsome Therapeutics from $143.00 to $167.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $170.33.

About Axsome Therapeutics

Axsome Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company's commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist with multimodal activity indicated for the treatment of major depressive disorder; and Sunosi (solriamfetol), a medication indicated to the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.