Axsome Therapeutics (NASDAQ:AXSM) Issues Quarterly Earnings Results

Key Points

• Axsome Therapeutics missed quarterly expectations: The company reported a loss of $0.99 per share versus analysts’ forecast of $0.89, while revenue of $218.38 million came in slightly below the $221.11 million consensus estimate.
• Analysts remain broadly positive: The stock has a consensus “Moderate Buy” rating and an average price target of $265.55, with recent targets ranging from $246 to $310.
• Insiders reduced their holdings while institutions increased theirs: Insiders sold approximately $46.7 million of stock during the quarter, while institutional investors collectively own 81.49% of Axsome’s shares.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) released its earnings results on Monday. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.10), FiscalAI reports. The business had revenue of $218.38 million during the quarter, compared to analysts' expectations of $221.11 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%.

Axsome Therapeutics Stock Performance

NASDAQ AXSM opened at $212.74 on Monday. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. Axsome Therapeutics has a 1-year low of $102.67 and a 1-year high of $260.19. The firm's fifty day simple moving average is $236.95 and its 200-day simple moving average is $204.15. The company has a market capitalization of $10.95 billion, a PE ratio of -57.03 and a beta of 0.65.

Analysts Set New Price Targets

AXSM has been the topic of several recent analyst reports. Royal Bank Of Canada upped their price target on Axsome Therapeutics from $302.00 to $304.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $272.00 target price on shares of Axsome Therapeutics in a research note on Monday, May 4th. Robert W. Baird lifted their target price on Axsome Therapeutics from $241.00 to $246.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. BMO Capital Markets assumed coverage on Axsome Therapeutics in a report on Monday, July 20th. They issued an "outperform" rating and a $310.00 target price on the stock. Finally, TD Cowen increased their price target on shares of Axsome Therapeutics from $275.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, June 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $265.55.

Insider Activity

In other news, Director Roger Jeffs sold 286 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $246.18, for a total transaction of $70,407.48. Following the completion of the sale, the director directly owned 58,653 shares of the company's stock, valued at $14,439,195.54. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Herriot Tabuteau sold 4,660 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $213.95, for a total value of $997,007.00. Following the sale, the chief executive officer directly owned 7,229 shares of the company's stock, valued at $1,546,644.55. This trade represents a 39.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 200,766 shares of company stock valued at $46,685,646. 20.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in Axsome Therapeutics by 45.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company's stock valued at $275,763,000 after acquiring an additional 472,422 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Axsome Therapeutics by 84.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company's stock worth $162,082,000 after purchasing an additional 609,516 shares during the last quarter. Invesco Ltd. increased its stake in shares of Axsome Therapeutics by 28.6% during the 4th quarter. Invesco Ltd. now owns 1,273,494 shares of the company's stock worth $232,591,000 after purchasing an additional 282,937 shares during the last quarter. State Street Corp raised its holdings in shares of Axsome Therapeutics by 5.8% during the 2nd quarter. State Street Corp now owns 958,503 shares of the company's stock valued at $100,058,000 after purchasing an additional 52,483 shares in the last quarter. Finally, Deep Track Capital LP lifted its stake in shares of Axsome Therapeutics by 12.3% in the 3rd quarter. Deep Track Capital LP now owns 900,000 shares of the company's stock valued at $109,305,000 after purchasing an additional 98,629 shares during the last quarter. Institutional investors own 81.49% of the company's stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome's pipeline includes several late-stage and approved product candidates.

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