Quantitative Investment Management LLC Takes Position in Axsome Therapeutics, Inc. $AXSM

Key Points

• Quantitative Investment Management LLC has acquired 5,259 shares of Axsome Therapeutics, valued at approximately $613,000, marking a new position for the firm in the first quarter.
• Multiple institutional investors have increased their stakes in Axsome Therapeutics, with 81.49% of the stock now held by such entities.
• Despite recent insider selling, Axsome Therapeutics received several positive ratings from analysts, with target prices ranging from $150.00 to $180.00.

Quantitative Investment Management LLC acquired a new position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,259 shares of the company's stock, valued at approximately $613,000.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Axsome Therapeutics by 42.8% during the 1st quarter. Principal Financial Group Inc. now owns 295,671 shares of the company's stock worth $34,484,000 after buying an additional 88,606 shares during the period. Penserra Capital Management LLC acquired a new stake in shares of Axsome Therapeutics in the 1st quarter valued at about $2,229,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Axsome Therapeutics by 20.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,642 shares of the company's stock valued at $4,877,000 after purchasing an additional 9,928 shares during the period. Trek Financial LLC acquired a new stake in shares of Axsome Therapeutics in the 1st quarter valued at about $3,446,000. Finally, Edgestream Partners L.P. acquired a new stake in shares of Axsome Therapeutics in the 1st quarter valued at about $8,174,000. Institutional investors and hedge funds own 81.49% of the company's stock.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock traded down $0.47 during midday trading on Friday, reaching $121.28. 351,676 shares of the company's stock were exchanged, compared to its average volume of 586,635. Axsome Therapeutics, Inc. has a 52 week low of $75.56 and a 52 week high of $139.13. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -23.92 and a beta of 0.51. The stock's 50-day simple moving average is $108.21 and its 200 day simple moving average is $111.28. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.92) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.00) by $0.08. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%.The company had revenue of $150.04 million during the quarter, compared to analysts' expectations of $140.02 million. On average, analysts expect that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current fiscal year.

Insider Transactions at Axsome Therapeutics

In other news, COO Mark L. Jacobson sold 25,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $110.44, for a total transaction of $2,761,000.00. Following the completion of the sale, the chief operating officer owned 5,783 shares in the company, valued at $638,674.52. The trade was a 81.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roger Jeffs sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $121.60, for a total value of $2,432,000.00. Following the sale, the director owned 90,974 shares of the company's stock, valued at approximately $11,062,438.40. This represents a 18.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,708 shares of company stock worth $11,720,812 over the last quarter. Company insiders own 22.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Robert W. Baird lifted their price target on Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada lifted their price target on Axsome Therapeutics from $184.00 to $189.00 and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Needham & Company LLC reissued a "buy" rating and issued a $150.00 price target on shares of Axsome Therapeutics in a research note on Monday, August 4th. HC Wainwright reissued a "buy" rating and issued a $180.00 price target on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $165.00 price target (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $178.00.

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.