Axsome Therapeutics, Inc. (NASDAQ:AXSM) Shares Sold by Envestnet Asset Management Inc.

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

Other hedge funds also recently added to or reduced their stakes in the company. Pitcairn Co. raised its stake in shares of Axsome Therapeutics by 3.4% in the 4th quarter. Pitcairn Co. now owns 4,562 shares of the company's stock valued at $386,000 after acquiring an additional 148 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Axsome Therapeutics by 4.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,852 shares of the company's stock worth $326,000 after purchasing an additional 162 shares in the last quarter. Intrust Bank NA lifted its stake in shares of Axsome Therapeutics by 6.9% during the fourth quarter. Intrust Bank NA now owns 2,823 shares of the company's stock valued at $239,000 after acquiring an additional 183 shares during the period. GF Fund Management CO. LTD. lifted its stake in shares of Axsome Therapeutics by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,241 shares of the company's stock valued at $145,000 after acquiring an additional 223 shares during the period. Finally, NBC Securities Inc. bought a new stake in Axsome Therapeutics in the first quarter valued at about $31,000. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Stock Performance

AXSM traded up $2.37 on Wednesday, reaching $102.78. The stock had a trading volume of 277,317 shares, compared to its average volume of 790,278. The company has a market cap of $5.06 billion, a P/E ratio of -17.76 and a beta of 0.46. The business's 50-day moving average price is $106.03 and its two-hundred day moving average price is $110.27. The company has a current ratio of 2.03, a quick ratio of 1.96 and a debt-to-equity ratio of 3.48. Axsome Therapeutics, Inc. has a 12-month low of $72.21 and a 12-month high of $139.13.

Analyst Ratings Changes

AXSM has been the subject of a number of research reports. HC Wainwright reiterated a "buy" rating and set a $180.00 price objective on shares of Axsome Therapeutics in a report on Tuesday, June 10th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $165.00 price objective (up from $160.00) on shares of Axsome Therapeutics in a report on Tuesday, May 6th. Needham & Company LLC lowered their price target on Axsome Therapeutics from $153.00 to $150.00 and set a "buy" rating for the company in a report on Monday, June 9th. Cantor Fitzgerald upgraded Axsome Therapeutics to a "strong-buy" rating in a research report on Wednesday, May 14th. Finally, Jefferies Financial Group assumed coverage on Axsome Therapeutics in a research note on Monday, April 7th. They set a "buy" rating and a $200.00 price target on the stock. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $172.33.

Insider Buying and Selling

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 25,000 shares of the business's stock in a transaction dated 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 transaction, the chief operating officer directly owned 5,783 shares in the company, valued at $638,674.52. The trade was a 81.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark Coleman sold 3,750 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $105.47, for a total transaction of $395,512.50. Following the completion of the transaction, the director owned 50,387 shares in the company, valued at approximately $5,314,316.89. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,437 shares of company stock worth $9,834,215. 22.40% of the stock is owned by insiders.

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.