Clearbridge Investments LLC Sells 11,341 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Clearbridge Investments reduced its Axsome Therapeutics stake by 19.7% in the fourth quarter, selling 11,341 shares and leaving it with 46,326 shares worth about $8.46 million.
• Several other institutional investors also adjusted their positions, and institutional ownership remains high at 81.49% of Axsome shares.
• Insider selling has also been notable: directors Mark Coleman and Susan Mahony recently sold shares, and insiders have sold 113,400 shares worth $26.6 million over the last three months.

Clearbridge Investments LLC trimmed its holdings in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 19.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,326 shares of the company's stock after selling 11,341 shares during the period. Clearbridge Investments LLC owned about 0.09% of Axsome Therapeutics worth $8,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optiver Holding B.V. grew its holdings in Axsome Therapeutics by 82.3% during the 3rd quarter. Optiver Holding B.V. now owns 288 shares of the company's stock worth $35,000 after acquiring an additional 130 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in Axsome Therapeutics during the 3rd quarter worth about $38,000. Advisory Services Network LLC bought a new position in Axsome Therapeutics during the 3rd quarter worth about $40,000. GAMMA Investing LLC raised its stake in Axsome Therapeutics by 65.4% in the fourth quarter. GAMMA Investing LLC now owns 268 shares of the company's stock worth $49,000 after buying an additional 106 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Axsome Therapeutics by 602.6% in the fourth quarter. Farther Finance Advisors LLC now owns 274 shares of the company's stock worth $50,000 after buying an additional 235 shares in the last quarter. 81.49% of the stock is currently owned by institutional investors.

Insider Transactions at Axsome Therapeutics

In other news, Director Mark Coleman sold 643 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $249.00, for a total value of $160,107.00. Following the completion of the sale, the director owned 30,389 shares of the company's stock, valued at $7,566,861. This trade represents a 2.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Susan Mahony sold 300 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $237.21, for a total value of $71,163.00. Following the completion of the sale, the director directly owned 1,129 shares of the company's stock, valued at $267,810.09. The trade was 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. Over the last three months, insiders have sold 113,400 shares of company stock worth $26,595,598. 20.60% of the stock is currently owned by corporate insiders.

Axsome Therapeutics Trading Up 0.3%

NASDAQ AXSM opened at $246.34 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 2.27. The firm has a market cap of $12.68 billion, a PE ratio of -66.04 and a beta of 0.61. The company has a 50 day moving average price of $207.58 and a 200 day moving average price of $180.70. Axsome Therapeutics, Inc. has a 52 week low of $96.09 and a 52 week high of $256.00.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted 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 firm had revenue of $191.20 million for the quarter, compared to the consensus estimate of $191.10 million. Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The company's revenue was up 57.4% on a year-over-year basis. As a group, sell-side analysts forecast that Axsome Therapeutics, Inc. will post -2.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AXSM has been the subject of a number of recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Axsome Therapeutics in a research note on Monday, April 20th. Wolfe Research initiated coverage on shares of Axsome Therapeutics in a research note on Monday, February 23rd. They issued an "outperform" rating and a $230.00 price objective for the company. Truist Financial raised shares of Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft set a $280.00 price objective on Axsome Therapeutics in a research report on Tuesday, May 5th. Finally, Needham & Company LLC raised their price objective on Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Axsome Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $251.26.

Axsome Therapeutics 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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