Empowered Funds LLC Grows Stake in Axsome Therapeutics, Inc. $AXSM

Key Points

• Empowered Funds LLC increased its Axsome Therapeutics stake by 1,512.7% in the first quarter, bringing its holdings to 20,997 shares valued at approximately $3.55 million. Institutional investors collectively own 81.49% of AXSM.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $261.29; several firms recently upgraded or reaffirmed bullish ratings.
• AXSM shares opened at $211.04 after declining 3.2%, while the company reported quarterly revenue of $191.2 million—up 57.4% year over year—but missed consensus earnings estimates with a loss of $1.26 per share.

Empowered Funds LLC boosted its holdings in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 1,512.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,997 shares of the company's stock after purchasing an additional 19,695 shares during the quarter. Empowered Funds LLC's holdings in Axsome Therapeutics were worth $3,549,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AXSM. Wellington Management Group LLP raised its position in shares of 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 buying an additional 609,516 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Axsome Therapeutics by 1,230.2% during the first quarter. First Trust Advisors LP now owns 577,479 shares of the company's stock worth $97,606,000 after acquiring an additional 534,066 shares during the last quarter. Norges Bank purchased a new position in Axsome Therapeutics during the fourth quarter valued at $90,490,000. Price T Rowe Associates Inc. MD grew its stake in Axsome Therapeutics by 45.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company's stock valued at $275,763,000 after acquiring an additional 472,422 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Axsome Therapeutics by 73.3% in the 3rd 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 last quarter. 81.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AXSM has been the topic of several research analyst reports. Morgan Stanley upgraded shares of Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a research note on Thursday, June 11th. Wells Fargo & Company lifted their target price on Axsome Therapeutics from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Jefferies Financial Group reiterated a "buy" rating and issued a $380.00 target price on shares of Axsome Therapeutics in a research report on Thursday, June 11th. HC Wainwright restated a "buy" rating and set a $290.00 price target on shares of Axsome Therapeutics in a report on Wednesday, July 15th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $258.00 price objective on shares of Axsome Therapeutics in a research note on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Axsome Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $261.29.

Axsome Therapeutics Stock Down 3.2%

Shares of AXSM opened at $211.04 on Tuesday. 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 business has a fifty day moving average of $238.71 and a 200 day moving average of $203.15. The company has a market cap of $10.86 billion, a PE ratio of -56.58 and a beta of 0.65. Axsome Therapeutics, Inc. has a 52-week low of $96.09 and a 52-week high of $260.19.

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

Insider Activity at Axsome Therapeutics

In related news, Director Roger Jeffs sold 286 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $246.18, for a total value of $70,407.48. Following the sale, the director directly owned 58,653 shares of the company's stock, valued at $14,439,195.54. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Herriot Tabuteau sold 49,670 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 7,229 shares in the company, valued at $1,742,261.29. This trade represents a 87.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 151,102 shares of company stock worth $36,147,341 in the last three months. 20.60% of the stock is owned by insiders.

About Axsome Therapeutics

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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