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

Key Points

• Assenagon Asset Management cut its Axsome Therapeutics stake by 47.5% in the second quarter, selling 411,276 shares and retaining 454,682 shares valued at approximately $111.3 million. Institutional investors collectively own 81.49% of the company.
• Axsome insiders sold 200,766 shares worth $46.7 million over the past 90 days, including two directors who recently reduced their holdings.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $265.55, compared with the stock’s reported opening price of $212.74.

Assenagon Asset Management S.A. lowered its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 47.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 454,682 shares of the company's stock after selling 411,276 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.88% of Axsome Therapeutics worth $111,293,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of Axsome Therapeutics by 14.9% in the 2nd quarter. GAMMA Investing LLC now owns 347 shares of the company's stock valued at $85,000 after buying an additional 45 shares during the period. Birchview Capital LP boosted its holdings in Axsome Therapeutics by 1.0% during the 4th quarter. Birchview Capital LP now owns 6,061 shares of the company's stock valued at $1,107,000 after acquiring an additional 61 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Axsome Therapeutics by 3.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,921 shares of the company's stock valued at $351,000 after purchasing an additional 65 shares in the last quarter. Xponance LLC increased its position in shares of Axsome Therapeutics by 2.4% during the fourth quarter. Xponance LLC now owns 3,265 shares of the company's stock worth $596,000 after acquiring an additional 76 shares during the period. Finally, Assetmark Inc. raised its position in Axsome Therapeutics by 7.2% in the 1st quarter. Assetmark Inc. now owns 1,182 shares of the company's stock valued at $200,000 after purchasing an additional 79 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company's stock.

Insider Activity at Axsome Therapeutics

In other news, Director Mark Coleman sold 6,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $230.30, for a total transaction of $1,381,800.00. Following the completion of the sale, the director directly owned 35,140 shares of the company's stock, valued at $8,092,742. The trade was a 14.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Susan Mahony sold 300 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $237.21, for a total value of $71,163.00. Following the sale, the director owned 1,129 shares of the company's stock, valued at $267,810.09. The trade was a 20.99% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 200,766 shares of company stock worth $46,685,646 in the last 90 days. Company insiders own 20.60% of the company's stock.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock opened at $212.74 on Friday. The stock has a fifty day moving average price of $236.95 and a 200 day moving average price of $203.96. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. Axsome Therapeutics, Inc. has a 52 week low of $102.67 and a 52 week high of $260.19. The firm has a market capitalization of $10.95 billion, a P/E ratio of -57.03 and a beta of 0.65.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. UBS Group lifted their price objective on shares of Axsome Therapeutics from $251.00 to $259.00 and gave the stock a "buy" rating in a research report on Friday, April 10th. HC Wainwright reissued a "buy" rating and set a $290.00 price objective on shares of Axsome Therapeutics in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft set a $280.00 price target on Axsome Therapeutics in a research note on Tuesday, May 5th. Truist Financial raised Axsome Therapeutics to a "strong-buy" rating in a report on Monday, June 15th. Finally, Royal Bank Of Canada increased their price target on shares of Axsome Therapeutics from $302.00 to $304.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $265.55.

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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