Alethea Capital Management LLC Sells 66,949 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Alethea Capital Management LLC has reduced its holdings in Axsome Therapeutics, Inc. by 9.1% during Q1, now owning 667,368 shares valued at approximately $77.84 million, which constitutes about 58.1% of its investment portfolio.
• Other hedge funds are increasing their stakes, with Principal Financial Group Inc. raising its position by 42.8%, now owning shares worth approximately $34.48 million.
• Wall Street analysts are generally optimistic, with a consensus "Buy" rating and a price target averaging $178.00 for Axsome Therapeutics.

Alethea Capital Management LLC cut its stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 9.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 667,368 shares of the company's stock after selling 66,949 shares during the quarter. Axsome Therapeutics makes up approximately 58.1% of Alethea Capital Management LLC's portfolio, making the stock its largest holding. Alethea Capital Management LLC owned approximately 1.36% of Axsome Therapeutics worth $77,835,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of AXSM. Envestnet Asset Management Inc. lifted its stake in Axsome Therapeutics by 74.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 35,129 shares of the company's stock worth $2,972,000 after purchasing an additional 15,047 shares in the last quarter. Cerity Partners LLC increased its holdings in Axsome Therapeutics by 32.0% in the 4th quarter. Cerity Partners LLC now owns 4,941 shares of the company's stock valued at $419,000 after purchasing an additional 1,198 shares during the last quarter. Barclays PLC grew its stake in shares of Axsome Therapeutics by 58.6% in the fourth quarter. Barclays PLC now owns 97,988 shares of the company's stock worth $8,291,000 after acquiring an additional 36,203 shares in the last quarter. Mariner LLC grew its stake in shares of Axsome Therapeutics by 13.8% in the fourth quarter. Mariner LLC now owns 15,120 shares of the company's stock worth $1,279,000 after acquiring an additional 1,834 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Axsome Therapeutics during the 4th quarter worth approximately $347,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AXSM has been the subject of a number of analyst reports. Cantor Fitzgerald upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Needham & Company LLC restated a "buy" rating and issued a $150.00 price objective on shares of Axsome Therapeutics in a research note on Monday, August 4th. HC Wainwright restated a "buy" rating and issued a $180.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Oppenheimer began coverage on shares of Axsome Therapeutics in a research note on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price objective for the company. Finally, Bank of America upped their price objective on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $178.00.

Insider Transactions at Axsome Therapeutics

In other news, General Counsel Hunter R. Murdock sold 6,014 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $100.12, for a total transaction of $602,121.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark Coleman sold 3,750 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $105.47, for a total transaction of $395,512.50. Following the sale, the director owned 50,387 shares of the company's stock, valued at $5,314,316.89. This trade represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,437 shares of company stock worth $9,511,745. Company insiders own 22.30% of the company's stock.

Axsome Therapeutics Stock Performance

Shares of AXSM traded down $2.20 during mid-day trading on Monday, hitting $116.31. 292,849 shares of the company's stock were exchanged, compared to its average volume of 768,907. Axsome Therapeutics, Inc. has a fifty-two week low of $75.56 and a fifty-two week high of $139.13. The firm has a market capitalization of $5.80 billion, a P/E ratio of -22.94 and a beta of 0.51. The business's 50 day moving average is $106.36 and its two-hundred day moving average is $111.17. The company has a current ratio of 1.57, a quick ratio of 1.51 and a debt-to-equity ratio of 1.66.

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

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.