Atika Capital Management LLC Grows Stake in Axsome Therapeutics, Inc. $AXSM

Key Points

• Atika Capital Management LLC increased its stake in Axsome Therapeutics by 235% during the first quarter, owning 73,700 shares valued at approximately $8.6 million.
• A range of institutional investors, including BVF Inc. IL and Invesco Ltd., have also raised their positions in Axsome Therapeutics, highlighting growing institutional interest in the company.
• Despite a net loss reported in its recent earnings, Axsome Therapeutics exceeded revenue expectations, generating $150.04 million for the quarter against a consensus estimate of $140.02 million.

Atika Capital Management LLC raised its holdings in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 235.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 73,700 shares of the company's stock after purchasing an additional 51,700 shares during the period. Axsome Therapeutics makes up about 1.2% of Atika Capital Management LLC's investment portfolio, making the stock its 27th largest holding. Atika Capital Management LLC owned 0.15% of Axsome Therapeutics worth $8,596,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Axsome Therapeutics by 42.8% during the 1st quarter. Principal Financial Group Inc. now owns 295,671 shares of the company's stock valued at $34,484,000 after purchasing an additional 88,606 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in Axsome Therapeutics during the 1st quarter valued at $2,229,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Axsome Therapeutics by 20.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,642 shares of the company's stock valued at $4,877,000 after purchasing an additional 9,928 shares during the last quarter. Trek Financial LLC purchased a new position in shares of Axsome Therapeutics in the 1st quarter worth $3,446,000. Finally, Edgestream Partners L.P. purchased a new position in shares of Axsome Therapeutics in the 1st quarter worth $8,174,000. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Oppenheimer assumed coverage on Axsome Therapeutics in a research note on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price target on the stock. Cantor Fitzgerald upgraded Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Royal Bank Of Canada raised their target price on Axsome Therapeutics from $184.00 to $189.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Morgan Stanley started coverage on Axsome Therapeutics in a report on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 target price on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $180.00 price target on shares of Axsome Therapeutics in a report on Tuesday, June 10th. One research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $178.00.

Insider Activity at Axsome Therapeutics

In related news, Director Mark Coleman sold 3,750 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total value of $395,512.50. Following the completion of the transaction, the director directly owned 50,387 shares of the company's stock, valued at approximately $5,314,316.89. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mark L. Jacobson sold 25,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $110.44, for a total transaction of $2,761,000.00. Following the completion of the transaction, the chief operating officer directly owned 5,783 shares of the company's stock, valued at approximately $638,674.52. The trade was a 81.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,437 shares of company stock valued at $9,511,745. 22.30% of the stock is owned by corporate insiders.

Axsome Therapeutics Price Performance

Shares of Axsome Therapeutics stock traded down $2.20 during trading on Monday, reaching $116.31. 292,849 shares of the stock traded hands, compared to its average volume of 768,907. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of -22.94 and a beta of 0.51. The business has a fifty day simple moving average of $106.36 and a two-hundred day simple moving average of $111.17. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.51. Axsome Therapeutics, Inc. has a 52-week low of $75.56 and a 52-week high of $139.13.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.92) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $140.02 million. Sell-side analysts expect that Axsome Therapeutics, Inc. will post -2.79 EPS for the current year.

Axsome Therapeutics Company Profile

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.