Axsome Therapeutics, Inc. $AXSM Shares Sold by Cormorant Asset Management LP

Key Points

• Cormorant Asset Management LP has reduced its stake in Axsome Therapeutics by 23.1%, now holding 250,000 shares worth approximately $29.1 million, representing 2.2% of its portfolio.
• Axsome Therapeutics saw its stock price decrease by 1.2% and has a market capitalization of $6.09 billion along with reported earnings that beat consensus estimates.
• Analysts show optimism about Axsome Therapeutics, with several brokerages issuing "buy" ratings and price targets as high as $189.00.

Cormorant Asset Management LP trimmed its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 250,000 shares of the company's stock after selling 75,000 shares during the quarter. Axsome Therapeutics accounts for approximately 2.2% of Cormorant Asset Management LP's investment portfolio, making the stock its 15th biggest holding. Cormorant Asset Management LP owned 0.51% of Axsome Therapeutics worth $29,158,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. BVF Inc. IL boosted its stake in shares of Axsome Therapeutics by 21.8% during the 1st quarter. BVF Inc. IL now owns 1,690,221 shares of the company's stock worth $197,130,000 after acquiring an additional 302,157 shares in the last quarter. Invesco Ltd. raised its holdings in Axsome Therapeutics by 23.8% in the 1st quarter. Invesco Ltd. now owns 857,001 shares of the company's stock valued at $99,952,000 after acquiring an additional 164,537 shares during the last quarter. Wellington Management Group LLP raised its holdings in Axsome Therapeutics by 4.5% in the 1st quarter. Wellington Management Group LLP now owns 703,279 shares of the company's stock valued at $82,023,000 after acquiring an additional 30,122 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Axsome Therapeutics by 16,852.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 627,418 shares of the company's stock valued at $73,176,000 after acquiring an additional 623,717 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Axsome Therapeutics by 525.7% in the 4th quarter. Lazard Asset Management LLC now owns 537,669 shares of the company's stock valued at $45,492,000 after acquiring an additional 451,737 shares during the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Trading Down 3.3%

Shares of NASDAQ:AXSM traded down $4.21 during mid-day trading on Tuesday, reaching $125.08. 486,527 shares of the company were exchanged, compared to its average volume of 759,672. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.51. The firm has a market cap of $6.24 billion, a price-to-earnings ratio of -24.68 and a beta of 0.54. The firm's 50-day simple moving average is $110.72 and its 200 day simple moving average is $110.72. 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 posted its quarterly earnings data on Monday, August 4th. The company reported ($0.92) earnings per share for the quarter, topping analysts' consensus estimates of ($1.00) by $0.08. The firm had revenue of $150.04 million during the quarter, compared to analysts' expectations of $140.02 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. Equities research analysts forecast that Axsome Therapeutics, Inc. will post -2.79 EPS for the current year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, Director Roger Jeffs sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $121.60, for a total value of $2,432,000.00. Following the completion of the transaction, the director owned 90,974 shares of the company's stock, valued at $11,062,438.40. This trade represents a 18.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark E. Saad sold 9,127 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $125.07, for a total transaction of $1,141,513.89. Following the completion of the transaction, the director directly owned 10,002 shares of the company's stock, valued at $1,250,950.14. This represents a 47.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,299 shares of company stock valued at $11,766,554 in the last 90 days. Company insiders own 22.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Oppenheimer assumed coverage on shares of Axsome Therapeutics in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price objective for the company. Royal Bank Of Canada increased their price objective on shares of Axsome Therapeutics from $184.00 to $189.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Cantor Fitzgerald upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, May 14th. HC Wainwright reiterated a "buy" rating and issued a $180.00 price objective on shares of Axsome Therapeutics in a report on Tuesday, June 10th. Finally, Wells Fargo & Company upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $177.86.

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.