Axsome Therapeutics (NASDAQ:AXSM) Announces Quarterly Earnings Results, Beats Estimates By $0.12 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) posted its quarterly earnings results on Monday. The company reported ($0.92) earnings per share for the quarter, beating analysts' consensus estimates of ($1.04) by $0.12, Zacks reports. Axsome Therapeutics had a negative return on equity of 272.80% and a negative net margin of 64.39%.

Axsome Therapeutics Trading Up 1.6%

Shares of AXSM stock opened at $103.02 on Monday. The stock has a market cap of $5.07 billion, a P/E ratio of -17.85 and a beta of 0.51. Axsome Therapeutics has a 1 year low of $72.21 and a 1 year high of $139.13. The company has a current ratio of 2.03, a quick ratio of 1.96 and a debt-to-equity ratio of 3.48. The stock has a 50 day simple moving average of $105.84 and a 200 day simple moving average of $110.65.

Insiders Place Their Bets

In other news, Director Mark Coleman sold 3,750 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $105.47, for a total transaction of $395,512.50. Following the sale, the director directly owned 50,387 shares of the company's stock, valued at approximately $5,314,316.89. This represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mark L. Jacobson sold 25,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $110.44, for a total value of $2,761,000.00. Following the completion of the transaction, the chief operating officer directly owned 5,783 shares of the company's stock, valued at approximately $638,674.52. This trade represents a 81.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,437 shares of company stock worth $9,834,215 in the last 90 days. Company insiders own 22.30% of the company's stock.

Institutional Trading of Axsome Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Caxton Associates LLP bought a new position in Axsome Therapeutics in the first quarter valued at approximately $307,000. Jones Financial Companies Lllp boosted its holdings in shares of Axsome Therapeutics by 2,407.9% in the 1st quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock valued at $889,000 after purchasing an additional 7,320 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Axsome Therapeutics by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock valued at $2,557,000 after purchasing an additional 1,002 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Axsome Therapeutics by 29.9% in 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 valued at $8,735,000 after purchasing an additional 17,250 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised 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 in the last quarter. Institutional investors own 81.49% of the company's stock.

Analysts Set New Price Targets

AXSM has been the subject of a number of analyst reports. Royal Bank Of Canada decreased their price objective on shares of Axsome Therapeutics from $193.00 to $186.00 and set an "outperform" rating for the company in a research report on Thursday, June 12th. Jefferies Financial Group assumed coverage on Axsome Therapeutics in a research report on Monday, April 7th. They set a "buy" rating and a $200.00 price target on the stock. Needham & Company LLC cut their price objective on Axsome Therapeutics from $153.00 to $150.00 and set a "buy" rating for the company in a research report on Monday, June 9th. Oppenheimer assumed coverage on Axsome Therapeutics in a report on Tuesday, June 3rd. They set an "outperform" rating and a $185.00 target price on the stock. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $165.00 price target (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Axsome Therapeutics has a consensus rating of "Buy" and an average target price of $172.33.

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.

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