Axsome Therapeutics (NASDAQ:AXSM) Stock Price Passes Above 50-Day Moving Average - Here's Why

Key Points

• Axsome stock passed above its 50-day moving average, trading as high as $188.85 and last at $182.97 versus a 50-day MA of $170.29 on volume of about 717,382 shares.
• Analysts are broadly positive with a consensus "Moderate Buy" rating and an average target of $218.06, and several firms have recently lifted price targets (up to $259 from UBS).
• The company beat quarterly EPS estimates (reported -$0.56 vs. -$0.70) and saw revenue rise 65% year-over-year to $196M, but remains unprofitable with negative margins and a market cap of $9.36 billion.

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $170.29 and traded as high as $188.85. Axsome Therapeutics shares last traded at $182.97, with a volume of 717,382 shares trading hands.

Analysts Set New Price Targets

AXSM has been the subject of several recent research reports. Jefferies Financial Group set a $215.00 price objective on Axsome Therapeutics in a report on Monday, February 23rd. Needham & Company LLC restated a "buy" rating and issued a $225.00 price objective on shares of Axsome Therapeutics in a report on Monday, February 23rd. Piper Sandler lifted their price objective on Axsome Therapeutics from $148.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, January 16th. UBS Group lifted their price objective on Axsome Therapeutics from $251.00 to $259.00 and gave the company a "buy" rating in a report on Friday, April 10th. Finally, Mizuho set a $230.00 price objective on Axsome Therapeutics in a report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Axsome Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $218.06.

Axsome Therapeutics Price Performance

The firm has a 50 day simple moving average of $170.29 and a 200-day simple moving average of $159.35. The company has a quick ratio of 1.48, a current ratio of 1.55 and a debt-to-equity ratio of 1.38. The company has a market cap of $9.36 billion, a PE ratio of -49.59 and a beta of 0.48.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its earnings results on Monday, February 23rd. The company reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.14. Axsome Therapeutics had a negative return on equity of 232.61% and a negative net margin of 28.69%.The company had revenue of $196.00 million for the quarter, compared to analyst estimates of $191.33 million. The company's revenue for the quarter was up 65.0% compared to the same quarter last year. As a group, research analysts predict that Axsome Therapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Axsome Therapeutics news, CFO Nick Pizzie sold 12,000 shares of Axsome Therapeutics stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $187.92, for a total value of $2,255,040.00. Following the transaction, the chief financial officer owned 42,588 shares in the company, valued at $8,003,136.96. The trade was a 21.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark Coleman sold 25,000 shares of the business's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $161.11, for a total value of $4,027,750.00. Following the sale, the director owned 47,140 shares in the company, valued at $7,594,725.40. The trade was a 34.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 104,788 shares of company stock worth $18,025,077 over the last ninety days. 22.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

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