First Turn Management LLC Has $37.79 Million Holdings in Axsome Therapeutics, Inc. $AXSM

Key Points

• First Turn Management LLC increased its stake in Axsome Therapeutics by 35.6% in the fourth quarter, ending with 206,921 shares worth about $37.8 million. The position made up roughly 4.3% of the fund’s portfolio and was its sixth-largest holding.
• Wall Street sentiment remains mostly positive, with analysts assigning a consensus rating of “Moderate Buy” and an average price target of $256.79. Recent updates included higher targets from Robert W. Baird and Piper Sandler, though Weiss Ratings maintained a sell rating.
• Axsome’s latest quarter showed revenue growth of 57.4% to $191.2 million, but earnings missed expectations with EPS of ($1.26) versus the expected ($0.85). Shares were trading near their 12-month high, while insiders, including the CEO, sold stock in recent months.

First Turn Management LLC raised its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 35.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 206,921 shares of the company's stock after purchasing an additional 54,307 shares during the quarter. Axsome Therapeutics makes up about 4.3% of First Turn Management LLC's investment portfolio, making the stock its 6th largest position. First Turn Management LLC owned approximately 0.41% of Axsome Therapeutics worth $37,792,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Axsome Therapeutics by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock worth $2,557,000 after acquiring an additional 1,002 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Axsome Therapeutics by 2,407.9% during the first quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock worth $889,000 after acquiring an additional 7,320 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Axsome Therapeutics by 38.7% during the first quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock worth $35,189,000 after acquiring an additional 84,151 shares during the last quarter. Caxton Associates LLP bought a new stake in shares of Axsome Therapeutics during the first quarter worth $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Axsome Therapeutics by 29.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company's stock worth $8,735,000 after acquiring an additional 17,250 shares during the last quarter. Institutional investors own 81.49% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AXSM shares. Robert W. Baird boosted their target price on Axsome Therapeutics from $241.00 to $246.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. HC Wainwright restated a "buy" rating on shares of Axsome Therapeutics in a research report on Thursday, June 4th. Weiss Ratings restated a "sell (d-)" rating on shares of Axsome Therapeutics in a research report on Monday, April 20th. Piper Sandler restated an "overweight" rating and set a $258.00 target price on shares of Axsome Therapeutics in a research report on Monday, May 4th. Finally, Wolfe Research started coverage on Axsome Therapeutics in a research report on Monday, February 23rd. They set an "outperform" rating and a $230.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Axsome Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $256.79.

Axsome Therapeutics Trading Up 0.6%

NASDAQ AXSM opened at $255.17 on Friday. The stock has a 50-day simple moving average of $210.94 and a 200 day simple moving average of $181.95. The company has a market capitalization of $13.13 billion, a PE ratio of -68.41 and a beta of 0.61. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. Axsome Therapeutics, Inc. has a 12 month low of $96.09 and a 12 month high of $257.92.

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

Insiders Place Their Bets

In related news, Director Susan Mahony sold 300 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $237.21, for a total value of $71,163.00. Following the completion of the sale, the director owned 1,129 shares in the company, valued at approximately $267,810.09. This represents a 20.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $241.01, for a total value of $11,970,966.70. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company's stock, valued at $1,742,261.29. This represents a 87.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 113,686 shares of company stock valued at $26,666,006 in the last ninety days. 20.60% of the stock is currently owned by insiders.

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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