Fred Alger Management LLC Takes $860,000 Position in Axsome Therapeutics, Inc. $AXSM

Key Points

• Fred Alger Management LLC has invested approximately $860,000 in Axsome Therapeutics by acquiring 7,373 shares during the first quarter of 2023.
• Several institutional investors increased their stakes in Axsome Therapeutics, including BVF Inc. and Invesco Ltd., with a significant boost of 16,852.7% by Assenagon Asset Management.
• Analysts maintain a positive outlook on Axsome Therapeutics, with an average rating of "Buy" and a price target of $177.86, following recent reports of improved earnings performance.

Fred Alger Management LLC acquired a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,373 shares of the company's stock, valued at approximately $860,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of AXSM. Assenagon Asset Management S.A. raised its stake in Axsome Therapeutics by 16,852.7% in the first quarter. Assenagon Asset Management S.A. now owns 627,418 shares of the company's stock valued at $73,176,000 after buying an additional 623,717 shares during the period. Lazard Asset Management LLC raised its stake in Axsome Therapeutics by 525.7% in the fourth quarter. Lazard Asset Management LLC now owns 537,669 shares of the company's stock valued at $45,492,000 after buying an additional 451,737 shares during the period. Nuveen LLC bought a new stake in Axsome Therapeutics in the first quarter valued at approximately $48,185,000. 1832 Asset Management L.P. bought a new stake in Axsome Therapeutics in the first quarter valued at approximately $42,360,000. Finally, BVF Inc. IL increased its stake in shares of Axsome Therapeutics by 21.8% during the first quarter. BVF Inc. IL now owns 1,690,221 shares of the company's stock worth $197,130,000 after purchasing an additional 302,157 shares during the period. Institutional investors own 81.49% of the company's stock.

Insiders Place Their Bets

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 owned 57,510 shares of the company's stock, valued at approximately $7,112,836.80. This trade represents a 18.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark Coleman bought 1,575 shares of Axsome Therapeutics stock in a transaction on Monday, September 8th. The stock was acquired at an average cost of $127.28 per share, for a total transaction of $200,466.00. Following the acquisition, the director owned 48,212 shares in the company, valued at approximately $6,136,423.36. This represents a 3.38% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 100,299 shares of company stock worth $11,766,554. 22.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AXSM. Morgan Stanley began coverage on Axsome Therapeutics in a research note on Thursday, July 3rd. They set an "overweight" rating and a $190.00 target price on the stock. Bank of America increased their target price on Axsome Therapeutics from $173.00 to $176.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. HC Wainwright reiterated a "buy" rating and set a $180.00 target price on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Royal Bank Of Canada increased their target price on Axsome Therapeutics from $184.00 to $189.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $150.00 target price on shares of Axsome Therapeutics in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the stock. According to MarketBeat.com, Axsome Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $177.86.

Axsome Therapeutics Price Performance

Shares of AXSM stock traded down $0.79 during trading hours on Monday, reaching $117.63. The company's stock had a trading volume of 124,108 shares, compared to its average volume of 754,774. The firm's 50 day simple moving average is $112.20 and its 200-day simple moving average is $110.57. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -23.20 and a beta of 0.54. Axsome Therapeutics, Inc. has a fifty-two week low of $75.56 and a fifty-two week high of $139.13. The company has a quick ratio of 1.51, a current ratio of 1.57 and a debt-to-equity ratio of 1.66.

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

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.