Axsome Therapeutics (NASDAQ:AXSM) Stock Price Down 4% After Analyst Downgrade

Key Points

• Axsome Therapeutics shares fell about 4% after Mizuho cut its price target from $310 to $306, though it maintained an “outperform” rating. The stock closed near $209.28 on trading volume below its average.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $261.29; 21 analysts rate the stock Strong Buy or Buy, compared with two Sell ratings.
• Axsome reported quarterly revenue of $191.2 million, up 57.4% year over year, but missed adjusted earnings expectations with a loss of $1.26 per share versus the projected $0.85 loss.

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report)'s stock price fell 4% during trading on Monday after Mizuho lowered their price target on the stock from $310.00 to $306.00. Mizuho currently has an outperform rating on the stock. Axsome Therapeutics traded as low as $208.52 and last traded at $209.2820. Approximately 311,606 shares were traded during trading, a decline of 59% from the average session volume of 765,021 shares. The stock had previously closed at $217.99.

Several other research firms have also weighed in on AXSM. Weiss Ratings reissued a "sell (d-)" rating on shares of Axsome Therapeutics in a research note on Friday, July 17th. Cantor Fitzgerald reissued an "overweight" rating and set a $272.00 target price on shares of Axsome Therapeutics in a report on Monday, May 4th. Royal Bank Of Canada upped their target price on Axsome Therapeutics from $302.00 to $304.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. BMO Capital Markets started coverage on shares of Axsome Therapeutics in a research note on Monday, July 20th. They issued an "outperform" rating and a $310.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on Axsome Therapeutics from $225.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $261.29.

Insider Buying and Selling

In other Axsome Therapeutics news, Director Mark Coleman sold 643 shares of the firm's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $249.00, for a total value of $160,107.00. Following the completion of the sale, the director directly owned 30,389 shares in the company, valued at approximately $7,566,861. This trade represents a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Roger Jeffs sold 286 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $246.18, for a total transaction of $70,407.48. Following the sale, the director owned 58,653 shares of the company's stock, valued at $14,439,195.54. This trade represents a 0.49% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 151,335 shares of company stock worth $36,200,507 over the last ninety days. 20.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

A number of institutional investors have recently added to or reduced their stakes in AXSM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Axsome Therapeutics by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock worth $2,557,000 after acquiring an additional 1,002 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Axsome Therapeutics by 2,407.9% during the first quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock worth $889,000 after acquiring an additional 7,320 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Axsome Therapeutics by 38.7% in the first quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock worth $35,189,000 after acquiring an additional 84,151 shares during the last quarter. Caxton Associates LLP bought a new position in Axsome Therapeutics in the 1st quarter valued at approximately $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Axsome Therapeutics by 29.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company's stock valued at $8,735,000 after purchasing an additional 17,250 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Trading Down 4.2%

The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. The firm has a market capitalization of $10.74 billion, a P/E ratio of -55.96 and a beta of 0.65. The stock has a 50 day simple moving average of $239.21 and a 200-day simple moving average of $202.89.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The firm had revenue of $191.20 million during the quarter, compared to the consensus estimate of $191.10 million. The firm's quarterly revenue was up 57.4% on a year-over-year basis. On average, equities research analysts forecast that Axsome Therapeutics, Inc. will post -2.45 EPS for the current fiscal year.

Axsome Therapeutics Company Profile

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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