Axsome Therapeutics (NASDAQ:AXSM) Upgraded to "Strong-Buy" at Truist Financial

Key Points

• Truist Financial upgraded Axsome Therapeutics to a “strong-buy” rating, adding to a broadly positive analyst backdrop. Overall, the stock now carries a consensus rating of “Moderate Buy” with a consensus price target of $256.79.
• AXSM shares were little changed, opening at $253.40, near their 52-week high of $257.92. The stock has risen sharply above its 50-day and 200-day moving averages, reflecting strong recent momentum.
• Recent earnings showed mixed results: revenue came in at $191.2 million, slightly above expectations and up 57.4% year over year, but EPS missed estimates at -$1.26 versus -$0.85 expected. The company also saw notable insider selling, including sales by the CFO and a director.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) was upgraded by equities researchers at Truist Financial to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on AXSM. Wells Fargo & Company raised their price objective on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Jefferies Financial Group reissued a "buy" rating and set a $380.00 target price on shares of Axsome Therapeutics in a research note on Thursday. Guggenheim raised their target price on shares of Axsome Therapeutics from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Robert W. Baird lifted their price target on shares of Axsome Therapeutics from $241.00 to $246.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. Finally, Needham & Company LLC upped their price target on Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $256.79.

Axsome Therapeutics Stock Down 0.7%

Shares of AXSM stock opened at $253.40 on Monday. Axsome Therapeutics has a 1 year low of $96.09 and a 1 year high of $257.92. The stock has a market cap of $13.04 billion, a PE ratio of -67.94 and a beta of 0.61. The business's fifty day moving average is $212.64 and its 200-day moving average is $182.89. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.32 and a current ratio of 1.39.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings data 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 net margin of 26.59% and a negative return on equity of 267.16%. The firm had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. Equities analysts expect that Axsome Therapeutics will post -2.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mark Coleman sold 643 shares of the firm's stock in a transaction that occurred 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 transaction, the director owned 30,389 shares of the company's stock, valued at approximately $7,566,861. This trade represents a 2.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nick Pizzie sold 33,000 shares of Axsome Therapeutics 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 transaction, the chief financial officer owned 42,867 shares in the company, valued at approximately $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. Insiders have sold 113,686 shares of company stock worth $26,666,006 in the last quarter. Corporate insiders own 20.60% of the company's stock.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds have recently bought and sold shares of AXSM. Vanguard Group Inc. lifted its position in shares of Axsome Therapeutics by 6.0% in the third 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 in the last quarter. Price T Rowe Associates Inc. MD grew its position in 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 valued at $275,763,000 after purchasing an additional 472,422 shares in the last quarter. Wellington Management Group LLP increased its stake in Axsome Therapeutics by 84.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company's stock valued at $162,082,000 after buying an additional 609,516 shares during the period. Invesco Ltd. increased its stake in Axsome Therapeutics by 28.6% in the 4th quarter. Invesco Ltd. now owns 1,273,494 shares of the company's stock valued at $232,591,000 after buying an additional 282,937 shares during the period. Finally, Geode Capital Management LLC lifted its position in Axsome Therapeutics by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 1,010,249 shares of the company's stock worth $184,544,000 after buying an additional 12,549 shares in the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

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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