Axsome Therapeutics (NASDAQ:AXSM) Shares Down 5.6% - Here's Why

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) traded down 5.6% during mid-day trading on Tuesday . The company traded as low as $103.53 and last traded at $103.56. 651,408 shares were traded during trading, a decline of 2% from the average session volume of 665,953 shares. The stock had previously closed at $109.68.

Wall Street Analyst Weigh In

AXSM has been the subject of several research reports. Robert W. Baird raised their price target on shares of Axsome Therapeutics from $160.00 to $162.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Jefferies Financial Group assumed coverage on shares of Axsome Therapeutics in a research report on Monday, April 7th. They set a "buy" rating and a $200.00 price target on the stock. Royal Bank Of Canada reduced their price objective on shares of Axsome Therapeutics from $193.00 to $186.00 and set an "outperform" rating for the company in a research note on Thursday, June 12th. HC Wainwright reaffirmed a "buy" rating and issued a $180.00 target price on shares of Axsome Therapeutics in a research report on Tuesday, June 10th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $165.00 price target (up from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $172.33.

Axsome Therapeutics Trading Down 3.9%

The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.96 and a current ratio of 2.03. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of -17.47 and a beta of 0.46. The business has a fifty day simple moving average of $106.35 and a 200-day simple moving average of $110.00.

Insider Transactions at Axsome Therapeutics

In other Axsome Therapeutics news, Director Mark Coleman sold 3,750 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total transaction of $395,512.50. Following the completion of the sale, the director owned 50,387 shares of the company's stock, valued at approximately $5,314,316.89. This represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Hunter R. Murdock sold 7,500 shares of Axsome Therapeutics stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $100.26, for a total value of $751,950.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 93,437 shares of company stock worth $9,834,215. Company insiders own 22.30% of the company's stock.

Institutional Trading of Axsome Therapeutics

Several hedge funds have recently bought and sold shares of AXSM. Caitong International Asset Management Co. Ltd purchased a new stake in Axsome Therapeutics during the first quarter worth about $25,000. NBC Securities Inc. bought a new stake in shares of Axsome Therapeutics in the first quarter valued at $31,000. Quantbot Technologies LP purchased a new stake in Axsome Therapeutics in the 1st quarter worth about $31,000. AlphaQuest LLC purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $38,000. Finally, Neo Ivy Capital Management purchased a new position in Axsome Therapeutics in the 1st quarter valued at approximately $41,000. Institutional investors and hedge funds own 81.49% of the company's stock.

About Axsome Therapeutics

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.