Axsome Therapeutics (NASDAQ:AXSM) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• Axsome Therapeutics reported quarterly earnings of ($0.92) EPS, surpassing analysts' expectations of ($1.04) by $0.12.
• The stock's market capitalization stands at $5.07 billion, with shares trading at approximately $103.02 following the earnings announcement.
• Insider trading activity revealed that key executives, including the director and COO, sold significant amounts of stock, indicating a 6.93% and 81.21% decrease in their holdings, respectively.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.92) earnings per share for the quarter, beating analysts' consensus estimates of ($1.00) by $0.08, Zacks reports. The business had revenue of $150.04 million during the quarter, compared to analyst estimates of $140.02 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%.

Axsome Therapeutics Price Performance

Shares of AXSM traded up $0.48 during mid-day trading on Friday, hitting $104.80. The company's stock had a trading volume of 311,232 shares, compared to its average volume of 787,654. Axsome Therapeutics has a fifty-two week low of $75.56 and a fifty-two week high of $139.13. The firm has a 50-day moving average price of $105.86 and a 200 day moving average price of $110.73. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.96. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of -20.67 and a beta of 0.51.

Insider Activity

In related news, Director Mark Coleman sold 3,750 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total transaction of $395,512.50. Following the transaction, the director directly owned 50,387 shares of the company's stock, valued at approximately $5,314,316.89. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Hunter R. Murdock sold 6,014 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $100.12, for a total transaction of $602,121.68. The disclosure for this sale can be found here. Insiders have sold 93,437 shares of company stock worth $9,834,215 over the last 90 days. 22.30% of the stock is owned by company insiders.

Institutional Trading of Axsome Therapeutics

Several large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Axsome Therapeutics by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock worth $2,557,000 after acquiring an additional 1,002 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Axsome Therapeutics during the 1st quarter worth $307,000. Jones Financial Companies Lllp boosted its holdings in shares of Axsome Therapeutics by 2,407.9% during the 1st quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock worth $889,000 after buying an additional 7,320 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Axsome Therapeutics by 29.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company's stock worth $8,735,000 after buying an additional 17,250 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Axsome Therapeutics by 38.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock worth $35,189,000 after buying an additional 84,151 shares during the period. 81.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. HC Wainwright reiterated a "buy" rating and set a $180.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Robert W. Baird increased their price objective on shares of Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Cantor Fitzgerald upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Oppenheimer assumed coverage on shares of Axsome Therapeutics in a research note on Tuesday, June 3rd. They set an "outperform" rating and a $185.00 price objective on the stock. Finally, Morgan Stanley assumed coverage on shares of Axsome Therapeutics in a research note on Thursday, July 3rd. They set an "overweight" rating and a $190.00 price objective on the stock. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $178.00.

Axsome Therapeutics Company Profile

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.