HB Wealth Management LLC Grows Holdings in Axsome Therapeutics, Inc. $AXSM

Key Points

• HB Wealth Management LLC increased its Axsome Therapeutics stake by 47.3% in the first quarter, ending with 50,237 shares worth about $8.49 million.
• Axsome reported quarterly revenue of $191.2 million, up 57.4% year over year, but earnings missed estimates with an EPS of -$1.26 versus the expected -$0.85.
• Analysts remain largely bullish on AXSM, with several raising price targets and the stock carrying an average rating of “Moderate Buy” and an average target price of $258.95.

HB Wealth Management LLC lifted its stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 47.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 50,237 shares of the company's stock after acquiring an additional 16,135 shares during the quarter. HB Wealth Management LLC owned 0.10% of Axsome Therapeutics worth $8,491,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Axsome Therapeutics by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock valued at $2,557,000 after purchasing an additional 1,002 shares during the period. Jones Financial Companies Lllp lifted its stake in 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 purchasing an additional 7,320 shares in the last quarter. Goldman Sachs Group Inc. boosted 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 buying an additional 84,151 shares during the period. Caxton Associates LLP purchased a new position 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 grew its stake in shares of Axsome Therapeutics by 29.9% in 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 valued at $8,735,000 after buying an additional 17,250 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Stock Performance

AXSM opened at $244.31 on Friday. Axsome Therapeutics, Inc. has a 12 month low of $96.09 and a 12 month high of $260.19. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of -65.50 and a beta of 0.60. The company has a debt-to-equity ratio of 2.27, a current ratio of 1.39 and a quick ratio of 1.32. The business has a fifty day moving average price of $230.88 and a 200 day moving average price of $192.09.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported ($1.26) earnings per share (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 analyst estimates of $191.10 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The firm's quarterly revenue was up 57.4% on a year-over-year basis. Sell-side analysts expect that Axsome Therapeutics, Inc. will post -2.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Susan Mahony sold 300 shares of the firm's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $237.21, for a total value of $71,163.00. Following the sale, the director directly owned 1,129 shares in the company, valued at approximately $267,810.09. This trade represents a 20.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mark Coleman sold 643 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $249.00, for a total value of $160,107.00. Following the completion of the transaction, the director directly owned 30,389 shares in the company, valued at $7,566,861. This trade represents a 2.07% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 163,352 shares of company stock valued at $38,598,262. 20.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AXSM. Needham & Company LLC raised their target price on Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. Piper Sandler reiterated an "overweight" rating and set a $258.00 price target on shares of Axsome Therapeutics in a research note on Monday, May 4th. Robert W. Baird increased their price target on shares of Axsome Therapeutics from $241.00 to $246.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. Mizuho raised their price objective on shares of Axsome Therapeutics from $228.00 to $310.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $380.00 price objective on shares of Axsome Therapeutics in a report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Axsome Therapeutics has an average rating of "Moderate Buy" and an average price target of $258.95.

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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