Axsome Therapeutics (NASDAQ:AXSM) Price Target Raised to $176.00

Key Points

• Bank of America has raised the price target for Axsome Therapeutics from $173.00 to $176.00, indicating a potential upside of 70.11% from the company's previous close.
• The brokerage maintains a "buy" rating on the stock, joining several other firms that have also issued positive ratings and price targets above $165.00.
• Axsome Therapeutics currently has a market capitalization of $5.09 billion and is actively developing therapies for central nervous system disorders.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its target price upped by stock analysts at Bank of America from $173.00 to $176.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's target price suggests a potential upside of 70.11% from the company's previous close.

AXSM has been the topic of a number of other research reports. Wells Fargo & Company restated an "overweight" rating and issued a $165.00 target price (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. HC Wainwright restated a "buy" rating and set a $180.00 price target on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Cantor Fitzgerald upgraded Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Robert W. Baird upped their price objective on Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Finally, Morgan Stanley began coverage on Axsome Therapeutics in a research note on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 price objective on the stock. One equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $173.13.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock traded down $3.08 during mid-day trading on Tuesday, hitting $103.46. 185,873 shares of the company's stock traded hands, compared to its average volume of 790,425. The firm has a 50 day moving average price of $105.87 and a 200 day moving average price of $110.75. The company has a quick ratio of 1.96, a current ratio of 2.03 and a debt-to-equity ratio of 3.48. The company has a market cap of $5.09 billion, a PE ratio of -17.82 and a beta of 0.51. Axsome Therapeutics has a one year low of $75.56 and a one year high of $139.13.

Insider Activity

In other Axsome Therapeutics news, Director Mark Coleman sold 3,750 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total value of $395,512.50. Following the sale, the director owned 50,387 shares in the company, valued at $5,314,316.89. The trade was a 6.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Hunter R. Murdock sold 6,014 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $100.12, for a total transaction of $602,121.68. The disclosure for this sale can be found here. Insiders sold a total of 93,437 shares of company stock valued at $9,834,215 in the last 90 days. Company insiders own 22.40% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several hedge funds have recently added to or reduced their stakes in AXSM. Caitong International Asset Management Co. Ltd acquired a new stake in Axsome Therapeutics in the first quarter valued at approximately $25,000. NBC Securities Inc. purchased a new position in shares of Axsome Therapeutics during the first quarter worth $31,000. Quantbot Technologies LP purchased a new position in shares of Axsome Therapeutics during the first quarter worth $31,000. AlphaQuest LLC purchased a new position in shares of Axsome Therapeutics during the first quarter worth $38,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Axsome Therapeutics during the first quarter worth $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.