Royal Bank of Canada Has Lowered Expectations for Axsome Therapeutics (NASDAQ:AXSM) Stock Price

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its price target cut by analysts at Royal Bank of Canada from $193.00 to $186.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank of Canada's target price indicates a potential upside of 75.06% from the company's previous close.

Other research analysts also recently issued research reports about the stock. William Blair reissued an "outperform" rating on shares of Axsome Therapeutics in a research report on Tuesday, February 18th. Wells Fargo & Company restated an "overweight" rating and set a $165.00 price objective (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. Robert W. Baird boosted their target price on shares of Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Needham & Company LLC dropped 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. Finally, Cantor Fitzgerald upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a research report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $172.33.

Axsome Therapeutics Stock Down 1.7%

Shares of Axsome Therapeutics stock traded down $1.83 during trading on Thursday, reaching $106.25. The stock had a trading volume of 447,175 shares, compared to its average volume of 677,720. Axsome Therapeutics has a 52 week low of $70.52 and a 52 week high of $139.13. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.22. The stock has a fifty day moving average price of $106.32 and a two-hundred day moving average price of $106.90. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of -17.74 and a beta of 0.47.

Insider Buying and Selling

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 20,000 shares of Axsome Therapeutics stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $103.45, for a total value of $2,069,000.00. Following the completion of the sale, the chief operating officer now directly owns 5,783 shares of the company's stock, valued at approximately $598,251.35. The trade was a 77.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark Coleman sold 3,750 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $105.47, for a total value of $395,512.50. Following the transaction, the director now directly owns 50,387 shares in the company, valued at approximately $5,314,316.89. This trade represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 72,423 shares of company stock valued at $7,711,619 over the last quarter. Insiders own 22.30% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC lifted its stake in Axsome Therapeutics by 46.5% during the 4th quarter. Intech Investment Management LLC now owns 16,028 shares of the company's stock valued at $1,356,000 after acquiring an additional 5,087 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Axsome Therapeutics during the 4th quarter worth $14,771,000. Charles Schwab Investment Management Inc. increased its stake in shares of Axsome Therapeutics by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 328,034 shares of the company's stock worth $27,755,000 after purchasing an additional 5,438 shares in the last quarter. Aigen Investment Management LP purchased a new position in Axsome Therapeutics in the 4th quarter valued at approximately $395,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Axsome Therapeutics by 20.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,642 shares of the company's stock valued at $4,877,000 after purchasing an additional 9,928 shares during the period. Institutional investors and hedge funds own 81.49% of the company's stock.

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.