Axsome Therapeutics, Inc. $AXSM Shares Sold by Granite Investment Partners LLC

Key Points

• Granite Investment Partners trimmed its Axsome Therapeutics stake by 5.4% in Q1, selling 4,595 shares and leaving it with 80,299 shares valued at about $13.6 million.
• Despite the sale, institutional ownership remains high, with hedge funds and other institutions holding 81.49% of the company’s stock. Several firms recently increased or initiated positions in AXSM.
• Analysts remain mostly bullish on Axsome, with a consensus “Moderate Buy” rating and average price target of $259.05, even as the stock traded around $245.57 after a 1.7% drop.

Granite Investment Partners LLC reduced its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,299 shares of the company's stock after selling 4,595 shares during the period. Axsome Therapeutics accounts for about 0.8% of Granite Investment Partners LLC's holdings, making the stock its 29th biggest position. Granite Investment Partners LLC owned about 0.16% of Axsome Therapeutics worth $13,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Franklin Street Advisors Inc. NC acquired a new stake in shares of Axsome Therapeutics during the fourth quarter valued at $1,826,000. Pictet Asset Management Holding SA raised its stake in Axsome Therapeutics by 20.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 436,063 shares of the company's stock valued at $79,643,000 after purchasing an additional 73,925 shares during the last quarter. Norges Bank purchased a new position in Axsome Therapeutics in the 4th quarter valued at about $90,490,000. JPMorgan Chase & Co. lifted its holdings in Axsome Therapeutics by 42.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 250,513 shares of the company's stock valued at $30,425,000 after purchasing an additional 74,885 shares in the last quarter. Finally, Axiom Investors LLC DE boosted its stake in shares of Axsome Therapeutics by 28.7% during the 4th quarter. Axiom Investors LLC DE now owns 63,390 shares of the company's stock worth $11,578,000 after purchasing an additional 14,137 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AXSM. Piper Sandler reiterated an "overweight" rating and set a $258.00 price target on shares of Axsome Therapeutics in a report on Monday, May 4th. Truist Financial raised shares of Axsome Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. Robert W. Baird raised their target price on shares of Axsome Therapeutics from $241.00 to $246.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. Needham & Company LLC lifted their target price on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft set a $280.00 price target on Axsome Therapeutics in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $259.05.

Axsome Therapeutics Trading Down 1.7%

NASDAQ AXSM opened at $245.57 on Thursday. Axsome Therapeutics, Inc. has a 12 month low of $96.09 and a 12 month high of $260.19. The company has a 50-day moving average of $234.52 and a 200-day moving average of $194.50. The company has a debt-to-equity ratio of 2.27, a current ratio of 1.39 and a quick ratio of 1.32. The company has a market cap of $12.64 billion, a P/E ratio of -65.84 and a beta of 0.60.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its earnings results on Monday, May 4th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The company had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. Axsome Therapeutics's revenue was up 57.4% compared to the same quarter last year. As a group, equities analysts predict that Axsome Therapeutics, Inc. will post -2.31 earnings per share for the current year.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, CFO Nick Pizzie sold 33,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $240.09, for a total transaction of $7,922,970.00. Following the transaction, the chief financial officer owned 42,867 shares of the company's stock, valued at $10,291,938.03. This trade represents a 43.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Mark L. Jacobson sold 4,517 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $227.94, for a total transaction of $1,029,604.98. Following the sale, the chief operating officer directly owned 4,517 shares of the company's stock, valued at $1,029,604.98. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 163,352 shares of company stock valued at $38,598,262 over the last 90 days. 20.60% of the stock is currently owned by 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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