Axsome Therapeutics, Inc. $AXSM Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Axsome Therapeutics stake by 3.2% in the first quarter, selling 19,942 shares and retaining 598,091 shares valued at approximately $101.1 million. Institutional investors collectively own 81.49% of the company.
• Analyst views remain mixed, but the consensus rating is “Moderate Buy” with a $265.55 price target. Ratings range from Truist’s “Strong Buy” and Jefferies’ “Buy” to Zacks Research’s “Strong Sell.”
• Axsome shares opened at $212.74, compared with a 12-month range of $102.67 to $260.19. Insiders sold 200,766 shares worth $46.7 million over the past three months, primarily to cover tax obligations tied to equity awards.

Bank of America Corp DE reduced its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 598,091 shares of the company's stock after selling 19,942 shares during the quarter. Bank of America Corp DE owned 1.16% of Axsome Therapeutics worth $101,089,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in Axsome Therapeutics by 26.1% during the first quarter. Janus Henderson Group PLC now owns 19,052 shares of the company's stock valued at $3,219,000 after buying an additional 3,948 shares during the period. Amundi purchased a new stake in shares of Axsome Therapeutics during the 1st quarter worth about $498,000. EverSource Wealth Advisors LLC increased its stake in shares of Axsome Therapeutics by 48.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 512 shares of the company's stock valued at $87,000 after purchasing an additional 166 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Axsome Therapeutics by 22.2% in the 1st quarter. California State Teachers Retirement System now owns 41,132 shares of the company's stock valued at $6,952,000 after purchasing an additional 7,465 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Axsome Therapeutics by 13.0% in the 1st quarter. Royal Bank of Canada now owns 13,645 shares of the company's stock worth $2,306,000 after purchasing an additional 1,571 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Truist Financial upgraded Axsome Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. BMO Capital Markets began coverage on shares of Axsome Therapeutics in a report on Monday, July 20th. They issued an "outperform" rating and a $310.00 price target for the company. Zacks Research lowered shares of Axsome Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Axsome Therapeutics in a report on Friday, July 17th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $380.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $265.55.

Axsome Therapeutics Trading Up 1.2%

Shares of AXSM stock opened at $212.74 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. Axsome Therapeutics, Inc. has a twelve month low of $102.67 and a twelve month high of $260.19. The company's 50-day moving average price is $236.95 and its 200-day moving average price is $203.96. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of -57.03 and a beta of 0.65.

Insider Activity at Axsome Therapeutics

In related news, Director Mark Coleman sold 643 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $249.00, for a total value of $160,107.00. Following the completion of the sale, the director directly owned 30,389 shares of the company's stock, valued at $7,566,861. The trade was a 2.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Roger Jeffs sold 286 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $246.18, for a total transaction of $70,407.48. Following the transaction, the director owned 58,653 shares in the company, valued at approximately $14,439,195.54. This trade represents a 0.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 200,766 shares of company stock valued at $46,685,646. 20.60% of the stock is owned by company insiders.

About Axsome Therapeutics

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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