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

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its target price lowered by analysts at Royal Bank of Canada from $193.00 to $186.00 in a report released on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank of Canada's price objective indicates a potential upside of 78.67% from the stock's previous close.

Several other research analysts have also commented on the stock. Oppenheimer started coverage on shares of Axsome Therapeutics in a research note on Tuesday, June 3rd. They set an "outperform" rating and a $185.00 price objective for the company. Truist Financial boosted their price objective on shares of Axsome Therapeutics from $190.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. William Blair reissued an "outperform" rating on shares of Axsome Therapeutics in a research report on Tuesday, February 18th. Mizuho boosted their target price on shares of Axsome Therapeutics from $212.00 to $216.00 and gave the stock an "outperform" rating in a research report on Thursday, March 27th. Finally, Jefferies Financial Group initiated coverage on shares of Axsome Therapeutics in a research report on Monday, April 7th. They set a "buy" rating and a $200.00 target price on the stock. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $172.33.

Axsome Therapeutics Stock Down 2.0%

Shares of NASDAQ AXSM traded down $2.15 during trading hours on Thursday, hitting $104.10. 425,883 shares of the stock were exchanged, compared to its average volume of 677,321. 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 market cap of $5.13 billion, a PE ratio of -17.38 and a beta of 0.47. The firm has a fifty day moving average price of $106.45 and a 200-day moving average price of $107.05. Axsome Therapeutics has a 12 month low of $72.02 and a 12 month high of $139.13.

Insider Activity

In related news, COO Mark L. Jacobson sold 25,000 shares of the business's stock in a transaction on 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 now directly owns 5,783 shares in the company, valued at $638,674.52. The trade was a 81.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark Coleman sold 3,000 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $107.49, for a total transaction of $322,470.00. Following the completion of the transaction, the director now owns 54,137 shares of the company's stock, valued at approximately $5,819,186.13. This represents a 5.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 72,423 shares of company stock valued at $7,711,619 in the last ninety days. Insiders own 22.30% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several large investors have recently made changes to their positions in the company. BVF Inc. IL lifted its stake in shares of Axsome Therapeutics by 21.8% in the 1st quarter. BVF Inc. IL now owns 1,690,221 shares of the company's stock valued at $197,130,000 after purchasing an additional 302,157 shares during the period. Geode Capital Management LLC lifted its stake in shares of Axsome Therapeutics by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 912,538 shares of the company's stock valued at $77,228,000 after purchasing an additional 4,079 shares during the period. Invesco Ltd. lifted its stake in shares of Axsome Therapeutics by 23.8% in the 1st quarter. Invesco Ltd. now owns 857,001 shares of the company's stock valued at $99,952,000 after purchasing an additional 164,537 shares during the period. Wellington Management Group LLP lifted its stake in shares of Axsome Therapeutics by 4.5% in the 1st quarter. Wellington Management Group LLP now owns 703,279 shares of the company's stock valued at $82,023,000 after purchasing an additional 30,122 shares during the period. Finally, Hood River Capital Management LLC lifted its stake in shares of Axsome Therapeutics by 3.2% in the 4th quarter. Hood River Capital Management LLC now owns 644,785 shares of the company's stock valued at $54,555,000 after purchasing an additional 19,701 shares during the period. 81.49% of the stock is currently owned by institutional investors and hedge funds.

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.