Axsome Therapeutics (NASDAQ:AXSM) Rating Increased to Strong-Buy at Wells Fargo & Company

Key Points

• Wells Fargo & Company upgraded Axsome Therapeutics to a "strong-buy" rating, reflecting growing confidence in the company's stock.
• Axsome Therapeutics reported a better-than-expected earnings performance for the previous quarter, surpassing consensus estimates with revenues of $150.04 million.
• Significant insider trading occurred, with the COO selling 25,000 shares, highlighting potential changes in insider confidence regarding the company's future.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) was upgraded by Wells Fargo & Company to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on AXSM. Needham & Company LLC reiterated a "buy" rating and issued a $150.00 price target on shares of Axsome Therapeutics in a research note on Monday, August 4th. Bank of America raised their price objective on Axsome Therapeutics from $173.00 to $176.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Cantor Fitzgerald raised Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, May 14th. Robert W. Baird raised their target price on Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Finally, Morgan Stanley assumed coverage on Axsome Therapeutics in a research note on Thursday, July 3rd. They set an "overweight" rating and a $190.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the stock. According to MarketBeat.com, Axsome Therapeutics presently has an average rating of "Buy" and an average target price of $177.86.

Axsome Therapeutics Trading Up 3.3%

Shares of NASDAQ AXSM traded up $4.12 during trading hours on Wednesday, hitting $129.29. 750,546 shares of the company traded hands, compared to its average volume of 761,138. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of -25.50 and a beta of 0.54. The company has a current ratio of 1.57, a quick ratio of 1.51 and a debt-to-equity ratio of 1.66. The company's 50 day moving average price is $110.23 and its 200 day moving average price is $110.78. Axsome Therapeutics has a 12 month low of $75.56 and a 12 month high of $139.13.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($0.92) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.00) by $0.08. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%.The business had revenue of $150.04 million for the quarter, compared to the consensus estimate of $140.02 million. On average, equities research analysts anticipate that Axsome Therapeutics will post -2.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Roger Jeffs sold 20,000 shares of the business's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $121.60, for a total transaction of $2,432,000.00. Following the completion of the transaction, the director directly owned 90,974 shares of the company's stock, valued at $11,062,438.40. The trade was a 18.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark E. Saad sold 9,127 shares of the business's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $125.07, for a total value of $1,141,513.89. Following the transaction, the director directly owned 10,002 shares of the company's stock, valued at $1,250,950.14. The trade was a 47.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,299 shares of company stock valued at $11,766,554 in the last three months. 22.40% of the stock is owned by corporate insiders.

Institutional Trading of Axsome Therapeutics

A number of large investors have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its position in shares of Axsome Therapeutics by 136.6% in the 2nd quarter. Osaic Holdings Inc. now owns 3,215 shares of the company's stock valued at $336,000 after purchasing an additional 1,856 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Axsome Therapeutics by 1.1% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 9,889 shares of the company's stock valued at $1,032,000 after purchasing an additional 107 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Axsome Therapeutics in the 2nd quarter valued at about $258,000. Marex Group plc acquired a new stake in shares of Axsome Therapeutics in the 2nd quarter valued at about $215,000. Finally, Pitcairn Co. raised its stake in Axsome Therapeutics by 99.3% during the 2nd quarter. Pitcairn Co. now owns 8,513 shares of the company's stock valued at $889,000 after acquiring an additional 4,242 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

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.