Candriam S.C.A. Makes New $9.32 Million Investment in Axsome Therapeutics, Inc. $AXSM

Key Points

• Candriam S.C.A. has invested approximately $9.32 million in Axsome Therapeutics, acquiring 79,930 shares and increasing its ownership to 0.16% of the company.
• Several hedge funds have significantly increased their stakes in Axsome, with Assenagon Asset Management boosting its holdings by an astounding 16,852.7% during the first quarter.
• Analysts are optimistic about Axsome Therapeutics, with a consensus rating of "Buy" and an average price target of $178.00, alongside a recent quarterly earnings report that exceeded expectations.

Candriam S.C.A. bought a new position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 79,930 shares of the company's stock, valued at approximately $9,322,000. Candriam S.C.A. owned about 0.16% of Axsome Therapeutics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AXSM. Mutual of America Capital Management LLC raised its position in shares of Axsome Therapeutics by 0.3% in the first quarter. Mutual of America Capital Management LLC now owns 39,623 shares of the company's stock valued at $4,621,000 after buying an additional 136 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Axsome Therapeutics in the first quarter valued at approximately $25,000. GF Fund Management CO. LTD. raised its position in shares of Axsome Therapeutics by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,241 shares of the company's stock valued at $145,000 after buying an additional 223 shares during the last quarter. Xponance Inc. raised its position in shares of Axsome Therapeutics by 8.7% in the first quarter. Xponance Inc. now owns 2,891 shares of the company's stock valued at $337,000 after buying an additional 232 shares during the last quarter. Finally, Tocqueville Asset Management L.P. raised its position in shares of Axsome Therapeutics by 5.1% in the first quarter. Tocqueville Asset Management L.P. now owns 5,200 shares of the company's stock valued at $606,000 after buying an additional 250 shares during the last quarter. Institutional investors and hedge funds own 81.49% of the company's stock.

Analysts Set New Price Targets

AXSM has been the subject of a number of analyst reports. Bank of America boosted their price objective on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Cantor Fitzgerald upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, May 14th. Oppenheimer began coverage on shares of Axsome Therapeutics in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 target price for the company. HC Wainwright restated a "buy" rating and issued a $180.00 target price on shares of Axsome Therapeutics in a report on Tuesday, June 10th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $165.00 target price (up from $160.00) on shares of Axsome Therapeutics in a report on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $178.00.

Axsome Therapeutics Trading Up 1.2%

AXSM traded up $1.37 during trading on Friday, hitting $118.51. 727,981 shares of the company's stock were exchanged, compared to its average volume of 605,096. The firm has a market cap of $5.91 billion, a P/E ratio of -23.37 and a beta of 0.51. The stock has a 50 day moving average price of $106.36 and a 200 day moving average price of $111.17. The company has a current ratio of 1.57, a quick ratio of 1.51 and a debt-to-equity ratio of 1.66. Axsome Therapeutics, Inc. has a 1 year low of $75.56 and a 1 year high of $139.13.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.92) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.08. The business had revenue of $150.04 million during the quarter, compared to the consensus estimate 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, analysts expect that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

Insider Activity

In other news, Director Mark Coleman sold 3,750 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total value of $395,512.50. Following the completion of the transaction, the director directly owned 50,387 shares in the company, valued at approximately $5,314,316.89. This represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Hunter R. Murdock sold 7,500 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $100.26, for a total transaction of $751,950.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,437 shares of company stock worth $9,511,745. 22.40% of the stock is currently owned by company insiders.

About Axsome Therapeutics

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.