Axsome Therapeutics, Inc. $AXSM Shares Sold by Summit Financial LLC

Key Points

• Summit Financial LLC reduced its Axsome Therapeutics stake by 8.9% in the fourth quarter, selling 6,912 shares and leaving it with 70,628 shares valued at about $12.9 million.
• Insider selling has been notable, including CEO Herriot Tabuteau’s sale of 49,670 shares and Director Mark Coleman’s sale of 6,000 shares; insiders have sold 113,686 shares over the last three months.
• Axsome reported quarterly earnings of -$1.26 per share, missing expectations, while revenue of $191.2 million slightly beat estimates and grew 57.4% year over year. Analysts remain generally positive, with a consensus rating of Moderate Buy and an average price target of $256.79.

Summit Financial LLC lowered its position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 8.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,628 shares of the company's stock after selling 6,912 shares during the period. Summit Financial LLC owned about 0.14% of Axsome Therapeutics worth $12,899,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Axsome Therapeutics by 6.0% in the 3rd 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 last quarter. Wellington Management Group LLP lifted its holdings in shares of Axsome Therapeutics by 84.1% in the 3rd 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of Axsome Therapeutics by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 1,010,249 shares of the company's stock valued at $184,544,000 after purchasing an additional 12,549 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Axsome Therapeutics by 73.3% in the 3rd 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 last quarter. Finally, State Street Corp lifted its holdings in shares of Axsome Therapeutics by 5.8% in the 2nd quarter. State Street Corp now owns 958,503 shares of the company's stock valued at $100,058,000 after purchasing an additional 52,483 shares during the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Stock Performance

Shares of AXSM stock opened at $255.17 on Friday. The stock has a market capitalization of $13.13 billion, a PE ratio of -68.41 and a beta of 0.61. Axsome Therapeutics, Inc. has a 52-week low of $96.09 and a 52-week high of $257.92. The stock's 50-day moving average price is $210.94 and its 200 day moving average price is $181.95. 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 issued its quarterly 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). The company had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The business's revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts forecast that Axsome Therapeutics, Inc. will post -2.27 EPS for the current year.

Insider Transactions at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 49,670 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total transaction of $11,970,966.70. Following the transaction, the chief executive officer owned 7,229 shares in the company, valued at approximately $1,742,261.29. The trade was a 87.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mark Coleman sold 6,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $230.30, for a total value of $1,381,800.00. Following the transaction, the director owned 35,140 shares in the company, valued at $8,092,742. The trade was a 14.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 113,686 shares of company stock worth $26,666,006 over the last three months. 20.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $272.00 target price on shares of Axsome Therapeutics in a report on Monday, May 4th. Needham & Company LLC boosted 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 reissued a "buy" rating on shares of Axsome Therapeutics in a report on Friday, May 1st. Morgan Stanley raised Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a report on Thursday. Finally, HC Wainwright reissued a "buy" rating on shares of Axsome Therapeutics in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Axsome Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $256.79.

Axsome Therapeutics Company 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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