Bank of New York Mellon Corp Cuts Stake in Axsome Therapeutics, Inc. $AXSM

Key Points

• Bank of New York Mellon cut its Axsome Therapeutics stake by 19% in the first quarter, selling 48,453 shares and retaining 206,644 shares valued at approximately $34.9 million. Institutional investors collectively own 81.49% of the company.
• Axsome reported quarterly revenue of $191.2 million, up 57.4% year over year, but missed the consensus EPS estimate with a loss of $1.26 per share versus an expected loss of $0.85.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $261.48. However, insiders have sold 155,852 shares worth about $37.2 million over the past 90 days, including a substantial sale by CEO Herriot Tabuteau.

Bank of New York Mellon Corp reduced its stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 19.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 206,644 shares of the company's stock after selling 48,453 shares during the quarter. Bank of New York Mellon Corp owned 0.40% of Axsome Therapeutics worth $34,927,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Franklin Street Advisors Inc. NC purchased a new stake in Axsome Therapeutics in the fourth quarter worth $1,826,000. Pictet Asset Management Holding SA lifted its position in shares of Axsome Therapeutics by 20.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 436,063 shares of the company's stock valued at $79,643,000 after buying an additional 73,925 shares during the last quarter. Norges Bank purchased a new position in shares of Axsome Therapeutics during the 4th quarter valued at $90,490,000. Axiom Investors LLC DE grew its stake in shares of Axsome Therapeutics by 28.7% during the 4th quarter. Axiom Investors LLC DE now owns 63,390 shares of the company's stock worth $11,578,000 after acquiring an additional 14,137 shares during the period. Finally, M&T Bank Corp grew its stake in shares of Axsome Therapeutics by 2,553.8% during the 4th quarter. M&T Bank Corp now owns 49,466 shares of the company's stock worth $8,277,000 after acquiring an additional 47,602 shares during the period. Institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock opened at $241.00 on Monday. Axsome Therapeutics, Inc. has a 1-year low of $96.09 and a 1-year high of $260.19. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. The firm has a market capitalization of $12.40 billion, a PE ratio of -64.61 and a beta of 0.60. The firm's 50 day simple moving average is $239.25 and its 200 day simple moving average is $200.80.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.41). The firm had revenue of $191.20 million during the quarter, compared to the consensus estimate of $191.10 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. Axsome Therapeutics's revenue for the quarter was up 57.4% on a year-over-year basis. As a group, analysts expect that Axsome Therapeutics, Inc. will post -2.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AXSM shares. Royal Bank Of Canada lifted their price objective on Axsome Therapeutics from $302.00 to $304.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. UBS Group upped their price objective on shares of Axsome Therapeutics from $251.00 to $259.00 and gave the company a "buy" rating in a report on Friday, April 10th. Guggenheim increased their target price on shares of Axsome Therapeutics from $245.00 to $260.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Mizuho lifted their target price on shares of Axsome Therapeutics from $228.00 to $310.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Finally, Piper Sandler reissued an "overweight" rating and issued a $258.00 price target on shares of Axsome Therapeutics in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Axsome Therapeutics has an average rating of "Moderate Buy" and an average price target of $261.48.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 49,666 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $240.25, for a total value of $11,932,256.50. Following the sale, the chief executive officer owned 7,229 shares of the company's stock, valued at $1,736,767.25. This trade represents a 87.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan Mahony sold 300 shares of Axsome Therapeutics stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $237.21, for a total value of $71,163.00. Following the sale, the director owned 1,129 shares of the company's stock, valued at approximately $267,810.09. This trade represents a 20.99% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 155,852 shares of company stock valued at $37,230,112 in the last ninety days. 20.60% of the stock is currently owned by corporate insiders.

About Axsome Therapeutics

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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