Algert Global LLC Sells 40,125 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Algert Global cut its Axsome Therapeutics stake by 29.6% in the second quarter, selling 40,125 shares and retaining 95,335 shares valued at approximately $23.3 million. Institutional investors and hedge funds collectively own 81.49% of the company.
• Axsome insiders have also been selling: the CFO sold 33,000 shares and the CEO sold 4,660 shares, while insiders sold approximately $46.7 million worth of stock over the past 90 days.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $267.60, despite the company missing quarterly earnings and revenue estimates and opening at $205.40.

Algert Global LLC decreased its position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 29.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,335 shares of the company's stock after selling 40,125 shares during the period. Algert Global LLC owned 0.18% of Axsome Therapeutics worth $23,335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Axsome Therapeutics in the fourth quarter worth $31,000. Hollencrest Capital Management increased its holdings in shares of Axsome Therapeutics by 400.0% during the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company's stock worth $34,000 after purchasing an additional 160 shares during the period. Ameriflex Group Inc. acquired a new position in shares of Axsome Therapeutics during the fourth quarter valued at about $37,000. Advisory Services Network LLC acquired a new position in shares of Axsome Therapeutics during the third quarter valued at about $40,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Axsome Therapeutics by 602.6% in the fourth quarter. Farther Finance Advisors LLC now owns 274 shares of the company's stock valued at $50,000 after buying an additional 235 shares during the period. 81.49% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Nick Pizzie sold 33,000 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total value of $7,922,970.00. Following the completion of the sale, the chief financial officer directly owned 42,867 shares in the company, valued at approximately $10,291,938.03. This trade represents a 43.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Herriot Tabuteau sold 4,660 shares of Axsome Therapeutics stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $213.95, for a total value of $997,007.00. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares of the company's stock, valued at $1,546,644.55. This represents a 39.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 200,766 shares of company stock valued at $46,685,646 in the last 90 days. 20.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AXSM shares. TD Cowen lifted their target price on Axsome Therapeutics from $275.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, June 17th. Guggenheim raised their price objective on Axsome Therapeutics from $260.00 to $275.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Needham & Company LLC raised their price objective on Axsome Therapeutics from $267.00 to $268.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Oppenheimer set a $280.00 price objective on Axsome Therapeutics in a report on Monday, May 4th. Finally, Mizuho upped their target price on Axsome Therapeutics from $306.00 to $316.00 and gave the company an "outperform" rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Axsome Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $267.60.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM opened at $205.40 on Tuesday. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34. The business's fifty day moving average price is $231.17 and its two-hundred day moving average price is $206.29. Axsome Therapeutics, Inc. has a fifty-two week low of $112.90 and a fifty-two week high of $260.19. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of -54.77 and a beta of 0.65.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.10). The firm had revenue of $218.38 million for the quarter, compared to analyst estimates of $221.11 million. Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%. As a group, analysts predict that Axsome Therapeutics, Inc. will post -2.78 EPS for the current fiscal year.

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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