Axsome Therapeutics (NASDAQ:AXSM) Trading Up 5.6% Following Better-Than-Expected Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report)'s stock price rose 5.6% on Monday following a better than expected earnings announcement. The company traded as high as $117.60 and last traded at $118.54. Approximately 231,459 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 683,737 shares. The stock had previously closed at $112.21.

The company reported ($0.96) EPS for the quarter, topping the consensus estimate of ($0.97) by $0.01. The firm had revenue of $118.77 million for the quarter, compared to analysts' expectations of $117.83 million. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AXSM shares. Wells Fargo & Company reiterated an "overweight" rating and set a $165.00 price objective (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $153.00 price target on shares of Axsome Therapeutics in a research note on Tuesday, April 1st. Mizuho lifted their price objective on shares of Axsome Therapeutics from $212.00 to $216.00 and gave the company an "outperform" rating in a research report on Thursday, March 27th. Royal Bank of Canada upped their target price on shares of Axsome Therapeutics from $190.00 to $193.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Truist Financial lifted their price target on Axsome Therapeutics from $190.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $172.14.

Insiders Place Their Bets

In related news, CFO Nick Pizzie sold 3,000 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $131.07, for a total value of $393,210.00. Following the transaction, the chief financial officer now directly owns 42,187 shares in the company, valued at approximately $5,529,450.09. This represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 22.30% of the company's stock.

Institutional Trading of Axsome Therapeutics

Institutional investors have recently bought and sold shares of the business. NBC Securities Inc. acquired a new stake in shares of Axsome Therapeutics in the first quarter valued at approximately $31,000. Neo Ivy Capital Management bought a new position in Axsome Therapeutics during the 1st quarter worth $41,000. Raiffeisen Bank International AG acquired a new position in Axsome Therapeutics in the 4th quarter valued at $51,000. Assetmark Inc. acquired a new position in Axsome Therapeutics in the 4th quarter valued at $52,000. Finally, R Squared Ltd acquired a new stake in shares of Axsome Therapeutics during the 4th quarter worth $64,000. Institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Stock Down 1.0 %

The company has a market cap of $5.31 billion, a P/E ratio of -17.99 and a beta of 0.46. The stock has a 50-day moving average of $112.01 and a 200 day moving average of $104.51. The company has a debt-to-equity ratio of 3.22, a current ratio of 2.11 and a quick ratio of 2.04.

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.