California Public Employees Retirement System Makes New Investment in Axsome Therapeutics, Inc. $AXSM

Key Points

• CalPERS opened a new position in Axsome Therapeutics during the first quarter, buying 50,879 shares worth about $8.6 million. The stake represented roughly 0.10% of the company.
• Insider selling was notable, with COO Mark L. Jacobson and CFO Nick Pizzie both reducing their holdings. Over the last quarter, insiders sold 155,852 shares valued at about $37.2 million.
• Axsome reported mixed quarterly results: revenue of $191.2 million beat expectations slightly and rose 57.4% year over year, but EPS of -$1.26 missed estimates. Analysts still have a consensus rating of “Moderate Buy” with an average price target of $261.48.

California Public Employees Retirement System purchased a new position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 50,879 shares of the company's stock, valued at approximately $8,600,000. California Public Employees Retirement System owned approximately 0.10% of Axsome Therapeutics at the end of the most recent quarter.

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

Insider Activity

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 4,517 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $227.94, for a total value of $1,029,604.98. Following the sale, the chief operating officer directly owned 4,517 shares of the company's stock, valued at approximately $1,029,604.98. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nick Pizzie sold 33,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total value of $7,922,970.00. Following the sale, the chief financial officer directly owned 42,867 shares in the company, valued at $10,291,938.03. This represents a 43.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 155,852 shares of company stock valued at $37,230,112 over the last quarter. Insiders own 20.60% of the company's stock.

Axsome Therapeutics Stock Performance

AXSM opened at $241.00 on Friday. Axsome Therapeutics, Inc. has a 12-month low of $96.09 and a 12-month 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 has a 50 day moving average of $239.25 and a two-hundred day moving average of $200.60.

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

Analyst Upgrades and Downgrades

AXSM has been the subject of several research reports. Piper Sandler reiterated an "overweight" rating and set a $258.00 price objective on shares of Axsome Therapeutics in a research note on Monday, May 4th. Robert W. Baird upped their target price on Axsome Therapeutics from $241.00 to $246.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Morgan Stanley upgraded Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a research note on Thursday, June 11th. Guggenheim raised their target price on Axsome Therapeutics from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Finally, Wells Fargo & Company lifted their price target on Axsome Therapeutics from $225.00 to $255.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Axsome Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $261.48.

Axsome Therapeutics Company Profile

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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