Hennion & Walsh Asset Management Inc. Sells 19,128 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Hennion & Walsh Asset Management cut its Axsome Therapeutics stake by 52.2% in the second quarter, selling 19,128 shares and retaining 17,505 shares valued at approximately $4.29 million.
• Axsome insiders have also been selling: the CFO and CEO sold shares worth roughly $19.9 million combined on June 9, while insiders sold about $46.7 million of stock over the past 90 days.
• Despite the selling, institutional ownership remains high at 81.49%, and analysts maintain a “Moderate Buy” consensus with an average price target of $265.55 versus the stock’s $212.74 opening price.

Hennion & Walsh Asset Management Inc. lessened its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 52.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,505 shares of the company's stock after selling 19,128 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in Axsome Therapeutics were worth $4,285,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Pictet Asset Management Holding SA raised its holdings in Axsome Therapeutics by 20.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 436,063 shares of the company's stock worth $79,643,000 after purchasing an additional 73,925 shares in the last quarter. Norges Bank bought a new stake in shares of Axsome Therapeutics in the 4th quarter valued at about $90,490,000. Axiom Investors LLC DE boosted its holdings in shares of Axsome Therapeutics by 28.7% in the 4th quarter. Axiom Investors LLC DE now owns 63,390 shares of the company's stock valued at $11,578,000 after buying an additional 14,137 shares in the last quarter. M&T Bank Corp grew its position in shares of Axsome Therapeutics by 2,553.8% in the 4th quarter. M&T Bank Corp now owns 49,466 shares of the company's stock worth $8,277,000 after buying an additional 47,602 shares during the last quarter. Finally, Legato Capital Management LLC grew its position in shares of Axsome Therapeutics by 90.6% in the 4th quarter. Legato Capital Management LLC now owns 9,627 shares of the company's stock worth $1,758,000 after buying an additional 4,576 shares during the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, CFO Nick Pizzie sold 33,000 shares of the firm's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $240.09, for a total value of $7,922,970.00. Following the completion of the transaction, the chief financial officer owned 42,867 shares of the company's stock, valued at approximately $10,291,938.03. This trade represents a 43.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Herriot Tabuteau sold 49,670 shares of Axsome Therapeutics stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $241.01, for a total transaction of $11,970,966.70. Following the sale, the chief executive officer owned 7,229 shares of the company's stock, valued at $1,742,261.29. The trade was a 87.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 200,766 shares of company stock worth $46,685,646. 20.60% of the stock is owned by company insiders.

Axsome Therapeutics Stock Performance

Shares of Axsome Therapeutics stock opened at $212.74 on Monday. The company has a 50 day moving average price of $236.95 and a 200 day moving average price of $204.15. The firm has a market capitalization of $10.95 billion, a P/E ratio of -57.03 and a beta of 0.65. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 2.27. Axsome Therapeutics, Inc. has a 52 week low of $102.67 and a 52 week high of $260.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler reissued an "overweight" rating and set a $258.00 target price on shares of Axsome Therapeutics in a research report on Monday, May 4th. Guggenheim lifted their price target on shares of Axsome Therapeutics from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Jefferies Financial Group reaffirmed a "buy" rating and set a $380.00 price target on shares of Axsome Therapeutics in a research report on Thursday, June 11th. Needham & Company LLC increased their price objective on Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $272.00 price objective on shares of Axsome Therapeutics in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Axsome Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $265.55.

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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