Bank of America Corp DE Acquires Shares of 452,491 Axsome Therapeutics, Inc. $AXSM

Key Points

• Bank of America acquired 452,491 Axsome Therapeutics shares worth approximately $110.8 million, giving it a 0.86% stake. Institutional investors and hedge funds collectively own 81.49% of the company.
• Axsome reported a quarterly loss of $0.99 per share, missing estimates by $0.10, while revenue of $218.4 million came in slightly below expectations. Analysts expect a full-year loss of approximately $2.80 per share.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $267.60, although company insiders sold more than 109,000 shares worth approximately $24.6 million during the quarter.

Bank of America Corp DE bought a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 452,491 shares of the company's stock, valued at approximately $110,756,000. Bank of America Corp DE owned approximately 0.86% of Axsome Therapeutics as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Hollencrest Capital Management grew its position in shares of Axsome Therapeutics by 400.0% during the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company's stock valued at $34,000 after buying an additional 160 shares during the last quarter. ABS Investment Management LLC bought a new position in Axsome Therapeutics in the second quarter worth about $171,339,000. Silvant Capital Management LLC acquired a new position in Axsome Therapeutics in the second quarter valued at approximately $66,000. GAMMA Investing LLC grew its holdings in shares of Axsome Therapeutics by 14.9% during the second quarter. GAMMA Investing LLC now owns 347 shares of the company's stock valued at $85,000 after purchasing an additional 45 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Axsome Therapeutics during the second quarter valued at approximately $98,000. 81.49% of the stock is currently owned by institutional investors and hedge funds.

Axsome Therapeutics Stock Performance

Shares of Axsome Therapeutics stock opened at $207.78 on Friday. Axsome Therapeutics, Inc. has a 12 month low of $114.91 and a 12 month high of $260.19. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52. The stock has a market cap of $10.88 billion, a PE ratio of -55.41 and a beta of 0.71. The business has a fifty day simple moving average of $217.33 and a 200-day simple moving average of $209.97.

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 the consensus estimate of ($0.89) by ($0.10). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%.The business had revenue of $218.38 million during the quarter, compared to analysts' expectations of $221.11 million. On average, sell-side analysts anticipate that Axsome Therapeutics, Inc. will post -2.8 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. TD Cowen raised their price target on Axsome Therapeutics from $275.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, June 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Axsome Therapeutics in a research report on Friday, July 17th. Morgan Stanley raised their target price on Axsome Therapeutics from $242.00 to $251.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. UBS Group restated a "buy" rating on shares of Axsome Therapeutics in a research report on Monday, August 24th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $258.00 price objective on shares of Axsome Therapeutics in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $267.60.

Insider Buying and Selling at Axsome Therapeutics

In other news, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction dated 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 completion of the sale, the chief operating officer directly owned 10,000 shares in the company, valued at $2,086,500. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Herriot Tabuteau sold 4,660 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $213.95, for a total value of $997,007.00. Following the completion of the sale, the chief executive officer directly owned 7,229 shares of the company's stock, valued at approximately $1,546,644.55. The trade was a 39.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 109,330 shares of company stock valued at $24,557,062. 20.60% of the stock is owned by corporate insiders.

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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