Cynosure Group LLC Sells 4,369 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Cynosure Group LLC cut its Axsome Therapeutics stake by 55.7% in the fourth quarter, selling 4,369 shares and leaving it with 3,475 shares valued at about $635,000.
• Wall Street remains broadly positive on AXSM, with several firms raising targets and the stock carrying a consensus rating of Moderate Buy and an average price target of $256.79.
• Axsome reported quarterly EPS of -$1.26, missing estimates, while revenue rose 57.4% year over year to $191.2 million and came in roughly in line with expectations.

Cynosure Group LLC trimmed its position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 55.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,475 shares of the company's stock after selling 4,369 shares during the period. Cynosure Group LLC's holdings in Axsome Therapeutics were worth $635,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of AXSM. Wellington Management Group LLP boosted its holdings in Axsome Therapeutics by 84.1% during the third quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company's stock valued at $162,082,000 after acquiring an additional 609,516 shares during the period. Norges Bank bought a new stake in Axsome Therapeutics during the fourth quarter valued at about $90,490,000. Invesco Ltd. boosted its holdings in Axsome Therapeutics by 73.3% during the third quarter. Invesco Ltd. now owns 990,557 shares of the company's stock valued at $120,303,000 after acquiring an additional 419,008 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Axsome Therapeutics by 831.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 447,000 shares of the company's stock valued at $46,662,000 after acquiring an additional 399,000 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Axsome Therapeutics by 566.5% during the third quarter. Marshall Wace LLP now owns 378,024 shares of the company's stock valued at $45,911,000 after acquiring an additional 321,308 shares during the period. 81.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AXSM has been the subject of a number of recent analyst reports. Mizuho upped their price target on shares of Axsome Therapeutics from $228.00 to $310.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Cantor Fitzgerald restated an "overweight" rating and set a $272.00 price target on shares of Axsome Therapeutics in a report on Monday, May 4th. Truist Financial upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a research note on Monday. Jefferies Financial Group reiterated a "buy" rating and issued a $380.00 target price on shares of Axsome Therapeutics in a research note on Thursday. Finally, Oppenheimer set a $280.00 target price on shares of Axsome Therapeutics in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $256.79.

Axsome Therapeutics Stock Performance

NASDAQ:AXSM opened at $253.40 on Tuesday. Axsome Therapeutics, Inc. has a 12-month low of $96.09 and a 12-month high of $257.92. 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 capitalization of $13.04 billion, a PE ratio of -67.94 and a beta of 0.61. The firm has a 50-day moving average price of $212.64 and a 200 day moving average price of $182.89.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The business had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. Axsome Therapeutics's revenue was up 57.4% compared to the same quarter last year. Research analysts anticipate that Axsome Therapeutics, Inc. will post -2.27 earnings per share for the current fiscal year.

Insider Transactions at Axsome Therapeutics

In related news, COO Mark L. Jacobson sold 4,517 shares of the stock in a transaction dated 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 completion of the transaction, the chief operating officer owned 4,517 shares of the company's stock, valued at $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 SEC, which is available at this hyperlink. Also, CEO Herriot Tabuteau sold 49,670 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total transaction of $11,970,966.70. Following the sale, the chief executive officer directly owned 7,229 shares of the company's stock, valued at approximately $1,742,261.29. The trade was a 87.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 113,686 shares of company stock valued at $26,666,006. Corporate insiders own 20.60% of the company's stock.

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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