Axsome Therapeutics, Inc. $AXSM Shares Acquired by Legato Capital Management LLC

Key Points

• Legato Capital Management increased its Axsome Therapeutics stake by 90.6% in the fourth quarter, buying 4,576 additional shares and bringing its total holdings to 9,627 shares worth about $1.76 million.
• Axsome shares traded near record levels, opening at $235.97 with a 52-week high of $236.84, giving the company a market cap of about $12.14 billion.
• The company’s latest earnings missed profit expectations but beat on revenue, posting $191.2 million in quarterly sales, up 57.4% year over year, while analysts largely remain positive with a consensus Moderate Buy rating and $251.26 target price.

Legato Capital Management LLC grew its stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 90.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,627 shares of the company's stock after purchasing an additional 4,576 shares during the period. Legato Capital Management LLC's holdings in Axsome Therapeutics were worth $1,758,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AXSM. Wellington Management Group LLP increased its holdings in shares of Axsome Therapeutics by 84.1% in the third quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company's stock valued at $162,082,000 after purchasing an additional 609,516 shares during the period. Invesco Ltd. increased its holdings in shares of Axsome Therapeutics by 73.3% in the third quarter. Invesco Ltd. now owns 990,557 shares of the company's stock valued at $120,303,000 after purchasing an additional 419,008 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in shares of Axsome Therapeutics by 831.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 447,000 shares of the company's stock valued at $46,662,000 after purchasing an additional 399,000 shares during the period. Marshall Wace LLP increased its holdings in shares of Axsome Therapeutics by 566.5% in the third quarter. Marshall Wace LLP now owns 378,024 shares of the company's stock valued at $45,911,000 after purchasing an additional 321,308 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Axsome Therapeutics by 6.0% in the third quarter. Vanguard Group Inc. now owns 4,180,646 shares of the company's stock valued at $507,739,000 after purchasing an additional 235,626 shares during the period. Institutional investors and hedge funds own 81.49% of the company's stock.

Axsome Therapeutics Trading Up 1.0%

Shares of AXSM stock opened at $235.97 on Friday. Axsome Therapeutics, Inc. has a fifty-two week low of $96.09 and a fifty-two week high of $236.84. The stock has a market cap of $12.14 billion, a P/E ratio of -63.26 and a beta of 0.59. The business has a fifty day simple moving average of $187.84 and a 200-day simple moving average of $171.84. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 2.27.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.41). Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The firm had revenue of $191.20 million during the quarter, compared to analysts' expectations of $191.10 million. The business's quarterly revenue was up 57.4% compared to the same quarter last year. On average, analysts forecast that Axsome Therapeutics, Inc. will post -2.14 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Ari Maizel sold 7,500 shares of the firm's stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $182.42, for a total value of $1,368,150.00. Following the completion of the transaction, the insider owned 7,500 shares in the company, valued at $1,368,150. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Mark L. Jacobson sold 35,378 shares of the firm's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $161.88, for a total value of $5,726,990.64. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,628 shares of company stock worth $12,205,662 over the last 90 days. 20.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on AXSM. Guggenheim boosted their target price on Axsome Therapeutics from $245.00 to $260.00 and gave the company a "buy" rating in a report on Monday, May 4th. TD Cowen reaffirmed a "buy" rating on shares of Axsome Therapeutics in a report on Friday, May 1st. Royal Bank Of Canada upped their price objective on Axsome Therapeutics from $242.00 to $302.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Wolfe Research began coverage on Axsome Therapeutics in a report on Monday, February 23rd. They set an "outperform" rating and a $230.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $272.00 price objective on shares of Axsome Therapeutics in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $251.26.

Axsome Therapeutics Profile

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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