Envestnet Asset Management Inc. Has $2.92 Million Holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in Axsome Therapeutics, Inc. by 28.7%, selling 10,086 shares and owning approximately 0.05% of the company, valued at $2.92 million.
• Various institutional investors, including BVF Inc. and Assenagon Asset Management, have increased their holdings in Axsome Therapeutics, indicating a growing interest in the company.
• Analysts have largely rated Axsome Therapeutics positively, with a consensus rating of "Buy" and an average target price of $172.33, reflecting optimism about the company's future performance.

Envestnet Asset Management Inc. cut its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 28.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,043 shares of the company's stock after selling 10,086 shares during the period. Envestnet Asset Management Inc. owned approximately 0.05% of Axsome Therapeutics worth $2,921,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AXSM. Principal Financial Group Inc. grew its holdings in shares of Axsome Therapeutics by 42.8% in the 1st quarter. Principal Financial Group Inc. now owns 295,671 shares of the company's stock worth $34,484,000 after acquiring an additional 88,606 shares during the period. Penserra Capital Management LLC purchased a new position in shares of Axsome Therapeutics in the 1st quarter worth $2,229,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Axsome Therapeutics by 20.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,642 shares of the company's stock worth $4,877,000 after buying an additional 9,928 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Axsome Therapeutics by 12.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,228 shares of the company's stock worth $2,643,000 after buying an additional 3,366 shares during the period. Finally, LPL Financial LLC raised its position in Axsome Therapeutics by 47.9% in the fourth quarter. LPL Financial LLC now owns 24,209 shares of the company's stock valued at $2,048,000 after purchasing an additional 7,837 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Trading Up 1.0%

AXSM traded up $0.97 during trading on Thursday, reaching $102.23. 90,681 shares of the company's stock were exchanged, compared to its average volume of 787,687. The company's fifty day moving average price is $105.94 and its 200-day moving average price is $110.20. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.96 and a current ratio of 2.03. Axsome Therapeutics, Inc. has a fifty-two week low of $72.21 and a fifty-two week high of $139.13. The firm has a market capitalization of $5.03 billion, a PE ratio of -17.69 and a beta of 0.46.

Insider Activity

In other news, COO Mark L. Jacobson sold 25,000 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $110.44, for a total value of $2,761,000.00. Following the completion of the transaction, the chief operating officer owned 5,783 shares of the company's stock, valued at $638,674.52. The trade was a 81.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Hunter R. Murdock sold 7,500 shares of the business'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. Insiders sold 93,437 shares of company stock valued at $9,834,215 in the last quarter. Company insiders own 22.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Cantor Fitzgerald upgraded Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Oppenheimer initiated coverage on Axsome Therapeutics in a research note on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 target price for the company. Robert W. Baird lifted their target price on Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Needham & Company LLC cut their price target on Axsome Therapeutics from $153.00 to $150.00 and set a "buy" rating on the stock in a report on Monday, June 9th. Finally, Royal Bank Of Canada dropped their target price on Axsome Therapeutics from $193.00 to $186.00 and set an "outperform" rating on the stock in a report on Thursday, June 12th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $172.33.

Axsome Therapeutics Profile

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.