Axsome Therapeutics (NASDAQ:AXSM) Price Target Raised to $300.00 at TD Cowen

Key Points

• TD Cowen raised Axsome Therapeutics’ price target from $275 to $300 and kept a buy rating, implying nearly 19% upside from the prior close.
• Other analysts were also upbeat, with multiple firms lifting targets or reiterating bullish ratings; MarketBeat shows an overall Moderate Buy consensus and an average target of $258.95.
• Axsome’s latest quarter showed revenue growth of 57.4% to $191.2 million, though it missed EPS expectations and several insiders recently sold shares, including the CFO and a director.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its price target hoisted by stock analysts at TD Cowen from $275.00 to $300.00 in a report released on Wednesday, Marketbeat.com reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price objective indicates a potential upside of 18.97% from the company's previous close.

Several other equities research analysts also recently weighed in on the company. Mizuho increased their price target on Axsome Therapeutics from $228.00 to $310.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Needham & Company LLC boosted their price objective on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. HC Wainwright restated a "buy" rating on shares of Axsome Therapeutics in a research report on Thursday, June 4th. Oppenheimer set a $280.00 target price on shares of Axsome Therapeutics in a research note on Monday, May 4th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $272.00 target price on shares of Axsome Therapeutics in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $258.95.

Axsome Therapeutics Stock Performance

Shares of NASDAQ AXSM traded up $0.25 during midday trading on Wednesday, reaching $252.16. 21,650 shares of the company were exchanged, compared to its average volume of 690,733. The stock has a market cap of $12.98 billion, a P/E ratio of -67.60 and a beta of 0.61. Axsome Therapeutics has a 1 year low of $96.09 and a 1 year high of $257.92. The stock has a fifty day simple moving average of $214.31 and a 200 day simple moving average of $183.60. 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 (NASDAQ:AXSM - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The company had revenue of $191.20 million for the quarter, compared to analysts' expectations of $191.10 million. The firm's revenue was up 57.4% on a year-over-year basis. On average, research analysts forecast that Axsome Therapeutics will post -2.27 earnings per share for the current fiscal year.

Insider Activity

In other Axsome Therapeutics news, Director Mark Coleman sold 6,000 shares of Axsome Therapeutics stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $230.30, for a total transaction of $1,381,800.00. Following the completion of the transaction, the director owned 35,140 shares in the company, valued at approximately $8,092,742. The trade was a 14.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Nick Pizzie sold 33,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $240.09, for a total transaction of $7,922,970.00. Following the completion of the sale, the chief financial officer directly owned 42,867 shares in the company, valued at $10,291,938.03. This trade represents a 43.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 113,686 shares of company stock worth $26,666,006 in the last three months. Company insiders own 20.60% of the company's stock.

Institutional Investors Weigh In On Axsome Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of AXSM. Seven Fleet Capital Management LP grew its holdings in Axsome Therapeutics by 8.5% during the 1st quarter. Seven Fleet Capital Management LP now owns 14,055 shares of the company's stock valued at $2,376,000 after buying an additional 1,100 shares during the last quarter. Perceptive Advisors LLC raised its holdings in shares of Axsome Therapeutics by 0.7% in the first quarter. Perceptive Advisors LLC now owns 149,950 shares of the company's stock worth $25,345,000 after acquiring an additional 1,050 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Axsome Therapeutics by 26.1% in the first quarter. Janus Henderson Group PLC now owns 19,052 shares of the company's stock valued at $3,219,000 after acquiring an additional 3,948 shares in the last quarter. Amundi purchased a new stake in shares of Axsome Therapeutics in the first quarter valued at $498,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Axsome Therapeutics by 48.0% during the first quarter. EverSource Wealth Advisors LLC now owns 512 shares of the company's stock valued at $87,000 after acquiring an additional 166 shares during the last quarter. Hedge funds and other 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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