Assenagon Asset Management S.A. Sells 203,877 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Assenagon Asset Management cut its Axsome Therapeutics stake by 44.8%, selling 203,877 shares during the third quarter and retaining 250,805 shares valued at approximately $46.2 million.
• Axsome reported a quarterly loss of $0.99 per share, missing estimates by $0.10, while revenue of $218.4 million also fell short of consensus expectations. The stock opened at $157.14, well below its 12-month high of $260.19.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $275.74 price target, despite recent insider selling and mixed target-price revisions.

Assenagon Asset Management S.A. lessened its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 44.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 250,805 shares of the company's stock after selling 203,877 shares during the period. Assenagon Asset Management S.A. owned 0.48% of Axsome Therapeutics worth $46,246,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of AXSM. Avior Wealth Management LLC purchased a new position in shares of Axsome Therapeutics in the third quarter valued at about $521,000. GAMMA Investing LLC boosted its holdings in shares of Axsome Therapeutics by 19.9% during the third quarter. GAMMA Investing LLC now owns 416 shares of the company's stock worth $77,000 after purchasing an additional 69 shares during the period. ABS Direct Equity Fund LLC purchased a new stake in shares of Axsome Therapeutics during the second quarter worth about $60,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Axsome Therapeutics during the second quarter worth about $217,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Axsome Therapeutics during the second quarter worth about $251,000. Hedge funds and other institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Price Performance

Shares of AXSM opened at $157.14 on Friday. Axsome Therapeutics, Inc. has a twelve month low of $123.50 and a twelve month high of $260.19. The company has a market capitalization of $8.23 billion, a P/E ratio of -41.90 and a beta of 0.86. The firm has a 50 day moving average of $197.82 and a 200 day moving average of $212.60. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The business had revenue of $218.38 million during the quarter, compared to the consensus estimate of $221.11 million. As a group, equities research analysts anticipate that Axsome Therapeutics, Inc. will post -2.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wells Fargo & Company raised their target price on shares of Axsome Therapeutics from $255.00 to $256.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Axsome Therapeutics in a research note on Thursday. Morgan Stanley dropped their target price on Axsome Therapeutics from $251.00 to $247.00 and set an "equal weight" rating on the stock in a report on Friday, September 25th. HC Wainwright reissued a "buy" rating on shares of Axsome Therapeutics in a research note on Friday, September 25th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Axsome Therapeutics from $280.00 to $267.00 and set a "buy" rating on the stock in a research note on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $275.74.

Insider Transactions at Axsome Therapeutics

In related news, COO Mark L. Jacobson sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the sale, the chief operating officer owned 10,000 shares in the company, valued at approximately $2,086,500. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Herriot Tabuteau sold 4,660 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $213.95, for a total transaction of $997,007.00. Following the completion of the sale, the chief executive officer directly owned 7,229 shares of the company's stock, valued at approximately $1,546,644.55. This trade represents a 39.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 59,664 shares of company stock worth $12,624,805. Insiders own 20.60% of the company's stock.

Axsome Therapeutics Profile

Axsome Therapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company uses differentiated product candidates and targeted mechanisms to address conditions with significant unmet medical needs, including depression, sleep disorders, migraine, and other neurological or psychiatric diseases.

Axsome's lead commercial product is Auvelity (dextromethorphan hydrobromide and bupropion hydrochloride), an oral medicine approved in the United States for the treatment of major depressive disorder in adults.

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