Axsome Therapeutics, Inc. $AXSM Shares Sold by Orbimed Advisors LLC

Key Points

• Orbimed Advisors cut its Axsome Therapeutics stake by 15.5% in the first quarter, selling 39,200 shares and retaining 213,921 shares valued at approximately $36.2 million. Institutional investors collectively own 81.49% of the company.
• Axsome reported quarterly revenue of $191.2 million, up 57.4% year over year and slightly above estimates, but its adjusted loss of $1.26 per share missed expectations of $0.85. Analysts forecast a full-year loss of $2.45 per share.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $261.48, while insiders—including the CFO—sold shares worth approximately $37.2 million over the past 90 days.

Orbimed Advisors LLC decreased its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 213,921 shares of the company's stock after selling 39,200 shares during the quarter. Orbimed Advisors LLC owned approximately 0.42% of Axsome Therapeutics worth $36,157,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AXSM. Franklin Street Advisors Inc. NC acquired a new stake in Axsome Therapeutics in the fourth quarter valued at approximately $1,826,000. Pictet Asset Management Holding SA grew its holdings in Axsome Therapeutics by 20.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 436,063 shares of the company's stock worth $79,643,000 after acquiring an additional 73,925 shares in the last quarter. Norges Bank acquired a new position in Axsome Therapeutics during the 4th quarter worth approximately $90,490,000. Axiom Investors LLC DE increased its position in shares of Axsome Therapeutics by 28.7% in the 4th quarter. Axiom Investors LLC DE now owns 63,390 shares of the company's stock valued at $11,578,000 after purchasing an additional 14,137 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of Axsome Therapeutics by 2,553.8% in the 4th quarter. M&T Bank Corp now owns 49,466 shares of the company's stock valued at $8,277,000 after purchasing an additional 47,602 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Price Performance

Shares of NASDAQ:AXSM opened at $241.00 on Monday. The company has a market capitalization of $12.40 billion, a PE ratio of -64.61 and a beta of 0.60. 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 $96.09 and a twelve month high of $260.19. The firm has a 50 day simple moving average of $239.25 and a 200-day simple moving average of $200.80.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued 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 net margin of 26.59% and a negative return on equity of 267.16%. The company had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. The business's revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities analysts predict that Axsome Therapeutics, Inc. will post -2.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Nick Pizzie sold 33,000 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total value of $7,922,970.00. Following the completion of the sale, the chief financial officer directly owned 42,867 shares of the company's stock, valued at approximately $10,291,938.03. The trade was a 43.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan Mahony sold 300 shares of the business's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $237.21, for a total value of $71,163.00. Following the completion of the sale, the director directly owned 1,129 shares of the company's stock, valued at $267,810.09. The trade was a 20.99% 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. Insiders have sold a total of 155,852 shares of company stock valued at $37,230,112 over the last ninety days. Company insiders own 20.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on AXSM shares. Morgan Stanley raised shares of Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a research report on Thursday, June 11th. Needham & Company LLC increased their target price on Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. TD Cowen raised their price target on Axsome Therapeutics from $275.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, June 17th. Royal Bank Of Canada lifted their price target on Axsome Therapeutics from $302.00 to $304.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Axsome Therapeutics in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $261.48.

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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