Affinity Asset Advisors LLC Acquires 25,000 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Affinity Asset Advisors LLC increased its stake in Axsome Therapeutics by 33.3%, acquiring an additional 25,000 shares, bringing their total to 100,000 shares valued at approximately $11.66 million.
• Analysts have provided a generally positive outlook, with the consensus rating for Axsome Therapeutics currently at "Buy" and a consensus price target of $178.00, reflecting growing confidence in the company’s potential.
• Insider selling has been notable, with executives selling over 66,000 shares worth nearly $7 million in the last quarter, raising questions about insider confidence in the stock’s future performance.

Affinity Asset Advisors LLC grew its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 33.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,000 shares of the company's stock after buying an additional 25,000 shares during the period. Axsome Therapeutics makes up 1.1% of Affinity Asset Advisors LLC's portfolio, making the stock its 19th biggest position. Affinity Asset Advisors LLC owned approximately 0.20% of Axsome Therapeutics worth $11,663,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its position in shares of Axsome Therapeutics by 16,852.7% during the first quarter. Assenagon Asset Management S.A. now owns 627,418 shares of the company's stock worth $73,176,000 after purchasing an additional 623,717 shares during the period. Boxer Capital Management LLC bought a new position in Axsome Therapeutics in the fourth quarter valued at approximately $39,767,000. Lazard Asset Management LLC boosted its stake in shares of Axsome Therapeutics by 525.7% during the 4th quarter. Lazard Asset Management LLC now owns 537,669 shares of the company's stock worth $45,492,000 after acquiring an additional 451,737 shares during the period. Nuveen LLC bought a new position in shares of Axsome Therapeutics during the 1st quarter worth approximately $48,185,000. Finally, 1832 Asset Management L.P. bought a new position in shares of Axsome Therapeutics during the 1st quarter worth approximately $42,360,000. Institutional investors own 81.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Royal Bank Of Canada lifted their price objective on Axsome Therapeutics from $184.00 to $189.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Robert W. Baird upped their price target on Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Cantor Fitzgerald upgraded Axsome Therapeutics to a "strong-buy" rating in a research report on Wednesday, May 14th. Morgan Stanley initiated coverage on Axsome Therapeutics in a research note on Thursday, July 3rd. They set an "overweight" rating and a $190.00 price target on the stock. Finally, Bank of America upped their price target on Axsome Therapeutics from $173.00 to $176.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $178.00.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 25,000 shares of Axsome Therapeutics stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $110.44, for a total transaction of $2,761,000.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Hunter R. Murdock sold 6,014 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $100.12, for a total value of $602,121.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 102,708 shares of company stock valued at $11,720,812. 22.30% of the stock is currently owned by corporate insiders.

Axsome Therapeutics Trading Down 0.4%

Shares of AXSM traded down $0.47 during trading hours on Friday, hitting $121.28. The company had a trading volume of 351,676 shares, compared to its average volume of 586,635. The firm has a market cap of $6.05 billion, a P/E ratio of -23.92 and a beta of 0.51. The stock's 50 day moving average price is $108.21 and its 200 day moving average price is $111.28. The company has a quick ratio of 1.51, a current ratio of 1.57 and a debt-to-equity ratio of 1.66. 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 posted its earnings results 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. The company had revenue of $150.04 million for the quarter, compared to analysts' expectations of $140.02 million. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%. On average, research analysts predict that Axsome Therapeutics, Inc. will post -2.79 EPS for the current year.

About Axsome Therapeutics

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.