Axsome Therapeutics, Inc. $AXSM Position Reduced by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors LLC significantly reduced its stake in Axsome Therapeutics by 46.8%, now holding 7,193 shares valued at approximately $839,000 as of the latest SEC filing.
• Axsome Therapeutics reported a quarterly earnings per share (EPS) of ($0.92), surpassing analyst expectations of ($1.00), with revenues of $150.04 million for the quarter.
• Financial analysts have shown confidence in Axsome Therapeutics, with price targets raised; Bank of America increasing its target to $176.00 and Royal Bank of Canada to $189.00, maintaining a "buy" recommendation.

Great Lakes Advisors LLC reduced its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 46.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,193 shares of the company's stock after selling 6,315 shares during the period. Great Lakes Advisors LLC's holdings in Axsome Therapeutics were worth $839,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Caxton Associates LLP acquired a new position in Axsome Therapeutics in the 1st quarter worth approximately $307,000. Fred Alger Management LLC acquired a new stake in Axsome Therapeutics during the 1st quarter valued at $860,000. Goldman Sachs Group Inc. lifted its holdings in shares of Axsome Therapeutics by 38.7% in the first quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock valued at $35,189,000 after purchasing an additional 84,151 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Axsome Therapeutics by 2,407.9% in the first quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock valued at $889,000 after purchasing an additional 7,320 shares in the last quarter. Finally, Scientech Research LLC acquired a new stake in shares of Axsome Therapeutics in the first quarter worth $1,138,000. Institutional investors and hedge funds own 81.49% of the company's stock.

Axsome Therapeutics Trading Down 0.9%

NASDAQ:AXSM opened at $122.96 on Friday. The stock's 50 day moving average price is $111.93 and its 200 day moving average price is $110.87. Axsome Therapeutics, Inc. has a 52 week low of $75.56 and a 52 week high of $139.13. The company has a market capitalization of $6.14 billion, a P/E ratio of -24.25 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.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($0.92) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.00) by $0.08. The firm had revenue of $150.04 million during the quarter, compared to analysts' expectations of $140.02 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. On average, research analysts forecast that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In related news, Director Mark E. Saad sold 9,127 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $125.07, for a total value of $1,141,513.89. Following the completion of the sale, the director directly owned 10,002 shares in the company, valued at approximately $1,250,950.14. This represents a 47.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Coleman acquired 1,575 shares of the stock in a transaction dated Monday, September 8th. The shares were bought at an average cost of $127.28 per share, for a total transaction of $200,466.00. Following the acquisition, the director owned 48,212 shares in the company, valued at $6,136,423.36. The trade was a 3.38% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 100,299 shares of company stock worth $11,766,554 in the last 90 days. 22.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AXSM has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $150.00 price target on shares of Axsome Therapeutics in a research report on Monday, August 4th. Bank of America lifted their target price on Axsome Therapeutics from $173.00 to $176.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Royal Bank Of Canada increased their price target on shares of Axsome Therapeutics from $184.00 to $189.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Wells Fargo & Company upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, September 3rd. Finally, Morgan Stanley assumed coverage on shares of Axsome Therapeutics in a research note on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the stock. According to MarketBeat.com, Axsome Therapeutics currently has an average rating of "Buy" and an average target price of $177.86.

Axsome Therapeutics 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.

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