Needham & Company LLC Cuts Axsome Therapeutics (NASDAQ:AXSM) Price Target to $150.00

Axsome Therapeutics (NASDAQ:AXSM - Free Report) had its price objective lowered by Needham & Company LLC from $153.00 to $150.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also weighed in on AXSM. Deutsche Bank Aktiengesellschaft began coverage on Axsome Therapeutics in a research note on Tuesday, February 11th. They set a "buy" rating and a $176.00 target price on the stock. William Blair reiterated an "outperform" rating on shares of Axsome Therapeutics in a report on Tuesday, February 18th. Bank of America lifted their price objective 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. Oppenheimer assumed coverage on shares of Axsome Therapeutics in a research report on Tuesday, June 3rd. They set an "outperform" rating and a $185.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Axsome Therapeutics in a research report on Monday, April 7th. They issued a "buy" rating and a $200.00 price target on the stock. 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. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $172.33.

Axsome Therapeutics Trading Down 1.7%

Axsome Therapeutics stock traded down $1.83 during midday trading on Monday, hitting $106.25. 447,175 shares of the stock were exchanged, compared to its average volume of 677,955. The company has a fifty day simple moving average of $106.16 and a two-hundred day simple moving average of $106.84. Axsome Therapeutics has a 52 week low of $70.11 and a 52 week high of $139.13. 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 stock has a market capitalization of $5.23 billion, a PE ratio of -17.74 and a beta of 0.47.

Insiders Place Their Bets

In other Axsome Therapeutics news, Director Mark Coleman sold 3,750 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total value of $395,512.50. Following the completion of the transaction, the director now directly owns 50,387 shares in the company, valued at $5,314,316.89. This trade represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Mark L. Jacobson sold 25,000 shares of Axsome Therapeutics stock in a transaction on Monday, June 9th. The shares were sold at an average price of $110.44, for a total transaction of $2,761,000.00. Following the sale, the chief operating officer now directly owns 5,783 shares of the company's stock, valued at $638,674.52. This trade represents a 81.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 72,423 shares of company stock worth $7,711,619 in the last 90 days. 22.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd bought a new position in shares of Axsome Therapeutics in the first quarter valued at approximately $25,000. Quantbot Technologies LP bought a new stake in Axsome Therapeutics in the 1st quarter valued at $31,000. NBC Securities Inc. bought a new position in shares of Axsome Therapeutics during the 1st quarter worth about $31,000. AlphaQuest LLC acquired a new stake in Axsome Therapeutics during the first quarter worth about $38,000. Finally, Neo Ivy Capital Management acquired a new stake in Axsome Therapeutics during the first quarter worth $41,000. Institutional investors and hedge funds own 81.49% of the company's stock.

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.