Axsome Therapeutics, Inc. $AXSM Stock: Pictet Asset Management Holding SA Raises Holdings

Key Points

• Pictet Asset Management increased its Axsome Therapeutics stake by 12.9% in the third quarter, to 481,524 shares valued at about $88.8 million. Institutional investors collectively own 81.49% of the company.
• Axsome reported quarterly revenue of $259.69 million, up 51.9% year over year, and a loss of $0.25 per share—better than analyst expectations for a $0.63 loss.
• Analysts maintain a consensus “Moderate Buy” rating and a $267.58 average price target; shares opened at $133.96, well below their 12-month high of $260.19.

Pictet Asset Management Holding SA lifted its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 12.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 481,524 shares of the company's stock after acquiring an additional 54,997 shares during the period. Pictet Asset Management Holding SA owned 0.92% of Axsome Therapeutics worth $88,789,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AXSM. Hollencrest Capital Management raised its stake in Axsome Therapeutics by 400.0% during the first quarter. Hollencrest Capital Management now owns 200 shares of the company's stock worth $34,000 after acquiring an additional 160 shares during the period. ABS Direct Equity Fund LLC acquired a new stake in shares of Axsome Therapeutics in the 2nd quarter worth about $60,000. Silvant Capital Management LLC bought a new stake in Axsome Therapeutics in the 2nd quarter valued at about $66,000. GAMMA Investing LLC lifted its position in Axsome Therapeutics by 19.9% in the 3rd quarter. GAMMA Investing LLC now owns 416 shares of the company's stock valued at $77,000 after purchasing an additional 69 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in Axsome Therapeutics by 505.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 339 shares of the company's stock valued at $83,000 after purchasing an additional 283 shares during the period. Hedge funds and other institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Trading Up 1.2%

NASDAQ:AXSM opened at $133.96 on Tuesday. Axsome Therapeutics, Inc. has a 12 month low of $123.00 and a 12 month high of $260.19. The firm's 50 day moving average is $176.31 and its 200 day moving average is $197.60. The stock has a market capitalization of $7.05 billion, a PE ratio of -43.78 and a beta of 0.86. The company has a current ratio of 1.42, a quick ratio of 1.34 and a debt-to-equity ratio of 1.21.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.38. The company had revenue of $259.69 million during the quarter, compared to the consensus estimate of $249.19 million. Axsome Therapeutics had a negative net margin of 18.18% and a negative return on equity of 198.73%. Axsome Therapeutics's revenue for the quarter was up 51.9% on a year-over-year basis. During the same period last year, the firm earned ($0.94) EPS. Sell-side analysts expect that Axsome Therapeutics, Inc. will post -2.57 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Truist Financial increased their target price on shares of Axsome Therapeutics from $200.00 to $285.00 and gave the company a "buy" rating in a research report on Wednesday, September 23rd. Needham & Company LLC upped their target price on Axsome Therapeutics from $267.00 to $268.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft lowered their price target on Axsome Therapeutics from $280.00 to $267.00 and set a "buy" rating on the stock in a report on Tuesday, September 29th. HC Wainwright reaffirmed a "buy" rating on shares of Axsome Therapeutics in a report on Friday, September 25th. Finally, Robert W. Baird dropped their target price on shares of Axsome Therapeutics from $246.00 to $220.00 and set an "outperform" rating for the company in a research report on Tuesday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $267.58.

Insider Activity at Axsome Therapeutics

In related news, COO Mark Jacobson sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the transaction, the chief operating officer directly owned 10,000 shares in the company, valued at $2,086,500. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 20.60% of the company's stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system disorders. The company is headquartered in New York and is led by founder, chairman and chief executive officer Herriot Tabuteau.

Its marketed products include Auvelity, an oral treatment for major depressive disorder in adults, and Sunosi, which is used to improve wakefulness in adults with excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

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