Assenagon Asset Management S.A. Cuts Stake in Axsome Therapeutics, Inc. $AXSM

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Axsome Therapeutics, Inc. by 71.2%, holding 180,960 shares worth approximately $18.89 million at the end of the second quarter.
• Numerous institutional investors have made significant investments in Axsome Therapeutics, collectively owning 81.49% of the stock, with BVF Inc. increasing its holdings by 21.8% in the first quarter.
• Axsome Therapeutics reported earnings of ($0.92) per share, exceeding analyst estimates, along with a revenue of $150.04 million for the quarter.

Assenagon Asset Management S.A. cut its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 71.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 180,960 shares of the company's stock after selling 446,458 shares during the quarter. Assenagon Asset Management S.A. owned 0.37% of Axsome Therapeutics worth $18,890,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AXSM. Nuveen LLC purchased a new position in shares of Axsome Therapeutics in the first quarter valued at $48,185,000. 1832 Asset Management L.P. purchased a new position in shares of Axsome Therapeutics in the first quarter valued at $42,360,000. BVF Inc. IL grew its holdings in shares of Axsome Therapeutics by 21.8% in the first quarter. BVF Inc. IL now owns 1,690,221 shares of the company's stock valued at $197,130,000 after purchasing an additional 302,157 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Axsome Therapeutics in the first quarter valued at $31,140,000. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. grew its holdings in shares of Axsome Therapeutics by 746.7% in the first quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 285,494 shares of the company's stock valued at $33,297,000 after purchasing an additional 251,775 shares in the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Price Performance

Shares of AXSM stock opened at $117.49 on Tuesday. 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 $5.86 billion, a price-to-earnings ratio of -23.17 and a beta of 0.54. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57. The stock's 50-day simple moving average is $112.98 and its 200-day simple moving average is $110.21.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($0.92) earnings per share 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 business had revenue of $150.04 million for the quarter, compared to analyst estimates of $140.02 million. As a group, equities analysts forecast that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other news, Director Roger Jeffs sold 13,464 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $123.68, for a total transaction of $1,665,227.52. Following the sale, the director owned 57,510 shares in the company, valued at approximately $7,112,836.80. The trade was a 18.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mark L. Jacobson sold 10,000 shares of the business's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $115.96, for a total value of $1,159,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,948 shares of company stock valued at $23,406,686. Insiders own 22.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AXSM. HC Wainwright restated a "buy" rating and issued a $180.00 price target on shares of Axsome Therapeutics in a research report on Tuesday, June 10th. Wells Fargo & Company upgraded Axsome Therapeutics to a "strong-buy" rating in a research report on Wednesday, September 3rd. Needham & Company LLC restated a "buy" rating and issued a $150.00 price target on shares of Axsome Therapeutics in a research report on Monday, August 4th. Bank of America raised their price target on Axsome Therapeutics from $173.00 to $176.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, Oppenheimer began coverage on Axsome Therapeutics in a research report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $177.86.

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.

Want to see what other hedge funds are holding AXSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.