Axsome Therapeutics, Inc. $AXSM Shares Sold by Eventide Asset Management LLC

Key Points

• Eventide Asset Management LLC has sold 83,861 shares of Axsome Therapeutics, reducing its holdings by 10.1%, and now owns approximately 744,850 shares, making it the firm's 9th largest position.
• Axsome Therapeutics reported earnings of ($0.92) per share, surpassing consensus estimates, while its revenue for the quarter was $150.04 million, exceeding expectations as well.
• Recent insider activity included significant sales by company leaders, with insiders collectively selling 116,172 shares valued at over $13 million in the past 90 days.

Eventide Asset Management LLC cut its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 10.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 744,850 shares of the company's stock after selling 83,861 shares during the quarter. Axsome Therapeutics comprises about 1.7% of Eventide Asset Management LLC's investment portfolio, making the stock its 9th largest position. Eventide Asset Management LLC owned approximately 1.51% of Axsome Therapeutics worth $86,877,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AXSM. BVF Inc. IL boosted its position in shares of Axsome Therapeutics by 21.8% in the 1st quarter. BVF Inc. IL now owns 1,690,221 shares of the company's stock worth $197,130,000 after buying an additional 302,157 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Axsome Therapeutics by 52.7% in the 1st quarter. AQR Capital Management LLC now owns 58,363 shares of the company's stock worth $6,807,000 after buying an additional 20,152 shares in the last quarter. Birchview Capital LP boosted its position in shares of Axsome Therapeutics by 50.0% in the 1st quarter. Birchview Capital LP now owns 6,000 shares of the company's stock worth $700,000 after buying an additional 2,000 shares in the last quarter. PDT Partners LLC boosted its position in shares of Axsome Therapeutics by 1,120.5% in the 1st quarter. PDT Partners LLC now owns 51,199 shares of the company's stock worth $5,971,000 after buying an additional 47,004 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Axsome Therapeutics by 86.7% in the 1st quarter. Quarry LP now owns 1,400 shares of the company's stock worth $163,000 after buying an additional 650 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Axsome Therapeutics Stock Down 2.7%

Shares of Axsome Therapeutics stock traded down $3.53 on Tuesday, hitting $125.77. 504,462 shares of the company's stock traded hands, compared to its average volume of 759,801. The stock has a market cap of $6.28 billion, a P/E ratio of -24.79 and a beta of 0.54. The company has a quick ratio of 1.51, a current ratio of 1.57 and a debt-to-equity ratio of 1.66. The firm's 50-day moving average is $110.72 and its 200 day moving average is $110.72. Axsome Therapeutics, Inc. has a 52-week low of $75.56 and a 52-week high of $139.13.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($0.92) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.08. The company had revenue of $150.04 million during the quarter, compared to analysts' expectations of $140.02 million. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%. Equities analysts anticipate that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Bank of America boosted their price objective on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Wells Fargo & Company upgraded shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, September 3rd. Morgan Stanley started coverage on shares of Axsome Therapeutics in a report on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 target price on the stock. Oppenheimer started coverage on shares of Axsome Therapeutics in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 target price on the stock. Finally, Royal Bank Of Canada increased their price objective on shares of Axsome Therapeutics from $184.00 to $189.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $177.86.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, Director Roger Jeffs sold 13,464 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $123.68, for a total value of $1,665,227.52. Following the sale, the director directly owned 57,510 shares in the company, valued at approximately $7,112,836.80. This trade represents a 18.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark E. Saad sold 9,127 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $125.07, for a total value of $1,141,513.89. Following the completion of the sale, the director owned 10,002 shares in the company, valued at $1,250,950.14. The trade was a 47.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,299 shares of company stock worth $11,766,554. 22.40% of the stock is owned by insiders.

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.