Axsome Therapeutics (NASDAQ:AXSM) Given New $150.00 Price Target at Needham & Company LLC

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its target price lowered by equities researchers at Needham & Company LLC from $153.00 to $150.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 34.04% from the stock's current price.

A number of other equities analysts also recently weighed in on the stock. William Blair reaffirmed an "outperform" rating on shares of Axsome Therapeutics in a research note on Tuesday, February 18th. HC Wainwright reiterated a "buy" rating and set a $180.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, May 22nd. Bank of America raised their price target on shares of Axsome Therapeutics from $143.00 to $167.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Wells Fargo & Company reiterated an "overweight" rating and issued a $165.00 price objective (up previously from $160.00) on shares of Axsome Therapeutics in a report on Tuesday, May 6th. Finally, Morgan Stanley upped their price objective on shares of Axsome Therapeutics from $125.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $172.80.

Axsome Therapeutics Stock Performance

Shares of AXSM opened at $111.91 on Monday. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 3.22. The company has a 50-day simple moving average of $105.94 and a 200-day simple moving average of $106.73. Axsome Therapeutics has a 52-week low of $64.11 and a 52-week high of $139.13. The company has a market capitalization of $5.51 billion, a PE ratio of -18.68 and a beta of 0.47.

Insiders Place Their Bets

In other news, Director Mark Coleman sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $107.49, for a total transaction of $322,470.00. Following the sale, the director now directly owns 54,137 shares in the company, valued at approximately $5,819,186.13. This represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mark L. Jacobson sold 20,673 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $104.66, for a total value of $2,163,636.18. Following the completion of the sale, the chief operating officer now directly owns 5,783 shares in the company, valued at approximately $605,248.78. This trade represents a 78.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,423 shares of company stock valued at $4,950,619 over the last 90 days. 22.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Axsome Therapeutics in the 1st quarter worth about $25,000. NBC Securities Inc. acquired a new stake in shares of Axsome Therapeutics in the first quarter valued at approximately $31,000. Quantbot Technologies LP bought a new stake in shares of Axsome Therapeutics during the first quarter valued at approximately $31,000. AlphaQuest LLC acquired a new position in shares of Axsome Therapeutics during the first quarter worth approximately $38,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Axsome Therapeutics during the first quarter worth approximately $41,000. 81.49% of the stock is currently owned by institutional investors.

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.

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