Baird Financial Group Inc. Acquires New Holdings in Axsome Therapeutics, Inc. $AXSM

Key Points

• Baird Financial Group acquired a new Axsome Therapeutics stake of 10,202 shares worth approximately $2.5 million during the second quarter. Institutional investors collectively own 81.49% of the company.
• Axsome shares opened at $211.97, up 3.9%, while the company reported a quarterly loss of $0.99 per share—worse than analysts’ expectations—and revenue of $218.38 million.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $267.60, although insiders sold 109,330 shares worth about $24.6 million over the past 90 days.

Baird Financial Group Inc. bought a new position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,202 shares of the company's stock, valued at approximately $2,497,000.

A number of other large investors have also added to or reduced their stakes in AXSM. GAMMA Investing LLC boosted its position in Axsome Therapeutics by 14.9% in the second quarter. GAMMA Investing LLC now owns 347 shares of the company's stock worth $85,000 after purchasing an additional 45 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Axsome Therapeutics by 3.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,921 shares of the company's stock valued at $351,000 after purchasing an additional 65 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in shares of Axsome Therapeutics by 4.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,739 shares of the company's stock worth $426,000 after purchasing an additional 78 shares during the period. Assetmark Inc. lifted its stake in shares of Axsome Therapeutics by 7.2% in the 1st quarter. Assetmark Inc. now owns 1,182 shares of the company's stock worth $200,000 after purchasing an additional 79 shares during the period. Finally, Allworth Financial LP boosted its holdings in shares of Axsome Therapeutics by 5.7% in the second quarter. Allworth Financial LP now owns 1,566 shares of the company's stock worth $383,000 after buying an additional 84 shares during the last quarter. Institutional investors own 81.49% of the company's stock.

Insiders Place Their Bets

In related news, COO Mark Jacobson sold 10,000 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the completion of the transaction, the chief operating officer owned 10,000 shares in the company, valued at approximately $2,086,500. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Herriot Tabuteau sold 49,666 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $240.25, for a total transaction of $11,932,256.50. Following the transaction, the chief executive officer directly owned 7,229 shares of the company's stock, valued at $1,736,767.25. The trade was a 87.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 109,330 shares of company stock valued at $24,557,062. 20.60% of the stock is owned by company insiders.

Axsome Therapeutics Stock Up 3.9%

NASDAQ AXSM opened at $211.97 on Thursday. The stock's 50 day moving average is $218.54 and its 200 day moving average is $209.63. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 1.52. Axsome Therapeutics, Inc. has a 12 month low of $113.85 and a 12 month high of $260.19. The stock has a market cap of $11.10 billion, a PE ratio of -56.53 and a beta of 0.71.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.10). The company had revenue of $218.38 million for the quarter, compared to analysts' expectations of $221.11 million. Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. Research analysts predict that Axsome Therapeutics, Inc. will post -2.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Jefferies Financial Group restated a "buy" rating and issued a $380.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, June 11th. Zacks Research raised Axsome Therapeutics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Wells Fargo & Company boosted their price target on Axsome Therapeutics from $255.00 to $256.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. HC Wainwright restated a "buy" rating and issued a $290.00 price target on shares of Axsome Therapeutics in a research report on Monday, August 31st. Finally, TD Cowen raised their price objective on Axsome Therapeutics from $275.00 to $300.00 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Axsome Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $267.60.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company's research programs address conditions with substantial unmet medical needs, including depression, migraine, narcolepsy, excessive daytime sleepiness, agitation associated with Alzheimer's disease, and other neurological or psychiatric disorders.

Axsome's commercial portfolio includes Auvelity, an oral medicine approved in the United States for the treatment of major depressive disorder in adults.

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