Axsome Therapeutics (NASDAQ:AXSM) Reaches New 12-Month High - Should You Buy?

Key Points

• Axsome Therapeutics hit a new 52-week high, trading as high as $256 and closing near $246.34, reflecting strong recent momentum in the stock.
• Analysts remain broadly positive, with several firms raising price targets and the consensus rating at Moderate Buy; the average target is $251.26.
• The company’s latest earnings showed revenue growth of 57.4% year over year to $191.2 million, but it still posted a wider-than-expected loss of $1.26 per share and continued negative profitability.

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $256.00 and last traded at $246.34, with a volume of 741228 shares traded. The stock had previously closed at $245.64.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Royal Bank Of Canada lifted their price objective on Axsome Therapeutics from $242.00 to $302.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Jefferies Financial Group lifted their price objective on Axsome Therapeutics from $245.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $272.00 price objective on shares of Axsome Therapeutics in a report on Monday, May 4th. Oppenheimer set a $280.00 price objective on Axsome Therapeutics in a report on Monday, May 4th. Finally, Truist Financial upgraded Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $251.26.

Axsome Therapeutics Price Performance

The firm has a fifty day moving average of $207.58 and a 200 day moving average of $180.70. The company has a market capitalization of $12.68 billion, a P/E ratio of -66.04 and a beta of 0.61. 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 released its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.41). The firm had revenue of $191.20 million for the quarter, compared to the consensus estimate of $191.10 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The business's quarterly revenue was up 57.4% on a year-over-year basis. On average, equities research analysts anticipate that Axsome Therapeutics, Inc. will post -2.24 EPS for the current year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 233 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $228.18, for a total value of $53,165.94. Following the transaction, the chief operating officer directly owned 4,517 shares in the company, valued at approximately $1,030,689.06. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Nick Pizzie sold 33,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total transaction of $7,922,970.00. Following the completion of the transaction, the chief financial officer owned 42,867 shares in the company, valued at $10,291,938.03. The trade was a 43.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 113,400 shares of company stock worth $26,595,598. 20.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Axsome Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Axsome Therapeutics by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company's stock worth $507,739,000 after purchasing an additional 235,626 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Axsome Therapeutics by 45.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company's stock valued at $275,763,000 after acquiring an additional 472,422 shares during the period. Wellington Management Group LLP grew its stake in shares of Axsome Therapeutics by 84.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company's stock valued at $162,082,000 after acquiring an additional 609,516 shares during the period. Invesco Ltd. grew its stake in shares of Axsome Therapeutics by 28.6% during the 4th quarter. Invesco Ltd. now owns 1,273,494 shares of the company's stock valued at $232,591,000 after acquiring an additional 282,937 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Axsome Therapeutics by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,010,249 shares of the company's stock valued at $184,544,000 after acquiring an additional 12,549 shares during the period. 81.49% of the stock is owned by institutional investors.

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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