Axsome Therapeutics, Inc. (NASDAQ:AXSM) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Axsome Therapeutics by 139.4% in Q1, acquiring a total of 175,942 shares valued at approximately $20.5 million.
• Other significant investors like Assenagon Asset Management and Lazard Asset Management raised their positions dramatically, contributing to the 81.49% institutional ownership in the company.
• Axsome Therapeutics reported a loss of $0.92 per share for the last quarter, but exceeded revenue expectations with $150.04 million in sales, prompting positive ratings from several brokerages.

Connor Clark & Lunn Investment Management Ltd. raised its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 139.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 175,942 shares of the company's stock after purchasing an additional 102,445 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.36% of Axsome Therapeutics worth $20,520,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of AXSM. Assenagon Asset Management S.A. boosted its holdings in Axsome Therapeutics by 16,852.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 627,418 shares of the company's stock valued at $73,176,000 after purchasing an additional 623,717 shares during the last quarter. Boxer Capital Management LLC acquired a new position in Axsome Therapeutics in the 4th quarter valued at about $39,767,000. Lazard Asset Management LLC boosted its holdings in Axsome Therapeutics by 525.7% in the 4th quarter. Lazard Asset Management LLC now owns 537,669 shares of the company's stock valued at $45,492,000 after purchasing an additional 451,737 shares during the last quarter. BVF Inc. IL boosted its holdings in Axsome Therapeutics by 32.7% in the 4th quarter. BVF Inc. IL now owns 1,388,064 shares of the company's stock valued at $117,444,000 after purchasing an additional 342,064 shares during the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. boosted its holdings in Axsome Therapeutics by 746.7% in the 1st quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 285,494 shares of the company's stock valued at $33,297,000 after purchasing an additional 251,775 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors and hedge funds.

Axsome Therapeutics Price Performance

AXSM opened at $104.80 on Friday. The company's 50 day simple moving average is $105.86 and its 200 day simple moving average is $110.85. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.96 and a current ratio of 1.57. Axsome Therapeutics, Inc. has a 1 year low of $75.56 and a 1 year high of $139.13. The stock has a market capitalization of $5.23 billion, a PE ratio of -20.67 and a beta of 0.51.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($0.92) earnings per share for the quarter, beating analysts' consensus estimates of ($1.00) by $0.08. The firm had revenue of $150.04 million for the quarter, compared to analysts' expectations of $140.02 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. As a group, sell-side analysts expect that Axsome Therapeutics, Inc. will post -2.79 EPS for the current year.

Insider Activity

In other news, Director Mark Coleman sold 3,750 shares of Axsome Therapeutics stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total transaction of $395,512.50. Following the sale, the director owned 50,387 shares in the company, valued at $5,314,316.89. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Hunter R. Murdock sold 6,014 shares of Axsome Therapeutics stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $100.12, for a total transaction of $602,121.68. The disclosure for this sale can be found here. Insiders have sold 93,437 shares of company stock worth $9,834,215 over the last 90 days. Company insiders own 22.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on AXSM. Oppenheimer began coverage on shares of Axsome Therapeutics in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price objective on the stock. Morgan Stanley began coverage on shares of Axsome Therapeutics in a report on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $150.00 price objective on shares of Axsome Therapeutics in a report on Monday, August 4th. Cantor Fitzgerald upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, May 14th. Finally, Bank of America upped their price objective on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Axsome Therapeutics currently has a consensus rating of "Buy" and an average price target of $178.00.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company's commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist with multimodal activity indicated for the treatment of major depressive disorder; and Sunosi (solriamfetol), a medication indicated to the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.

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