Hsbc Holdings PLC Sells 12,653 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• HSBC Holdings PLC reduced its Axsome Therapeutics stake by 18.5%, selling 12,653 shares and retaining 55,800 shares valued at approximately $13.7 million. Institutional investors collectively own 81.49% of the company.
• Wall Street remains broadly optimistic, with Axsome receiving a consensus “Moderate Buy” rating and an average price target of $267.60, above its recent opening price of $207.82.
• Axsome reported a quarterly loss of $0.99 per share, missing estimates, while revenue of $218.38 million also came in below expectations. Company insiders sold 109,330 shares worth approximately $24.6 million over the past 90 days.

Hsbc Holdings PLC lowered its stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 18.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 55,800 shares of the company's stock after selling 12,653 shares during the period. Hsbc Holdings PLC owned approximately 0.11% of Axsome Therapeutics worth $13,667,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Goodwin Investment Advisory bought a new stake in Axsome Therapeutics in the 2nd quarter valued at $1,038,000. Kingsview Wealth Management LLC acquired a new position in shares of Axsome Therapeutics in the second quarter valued at about $519,000. Coastal Bridge Advisors LLC bought a new position in Axsome Therapeutics during the second quarter worth about $304,000. Jefferies Financial Group Inc. bought a new position in Axsome Therapeutics during the second quarter worth about $6,273,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Axsome Therapeutics in the 2nd quarter worth about $3,009,000. Institutional investors own 81.49% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. HC Wainwright reiterated a "buy" rating and issued a $290.00 price target on shares of Axsome Therapeutics in a research report on Monday, August 31st. Mizuho raised their price objective on Axsome Therapeutics from $306.00 to $316.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Royal Bank Of Canada dropped their price objective on Axsome Therapeutics from $304.00 to $297.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. Guggenheim upped their target price on Axsome Therapeutics from $260.00 to $275.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley increased their target price on Axsome Therapeutics from $242.00 to $251.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Axsome Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $267.60.

Axsome Therapeutics Stock Performance

Shares of Axsome Therapeutics stock opened at $207.82 on Wednesday. The stock has a market cap of $10.89 billion, a price-to-earnings ratio of -55.42 and a beta of 0.71. Axsome Therapeutics, Inc. has a twelve month low of $112.90 and a twelve month high of $260.19. The company's fifty day moving average is $222.38 and its 200 day moving average is $207.99. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The company had revenue of $218.38 million during the quarter, compared to the consensus estimate of $221.11 million. Sell-side analysts forecast that Axsome Therapeutics, Inc. will post -2.8 EPS for the current year.

Insiders Place Their Bets

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 49,666 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $240.25, for a total transaction of $11,932,256.50. Following the sale, the chief executive officer directly owned 7,229 shares of the company's stock, valued at $1,736,767.25. This represents a 87.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Mark L. Jacobson sold 10,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the transaction, the chief operating officer directly owned 10,000 shares of the company's stock, valued at $2,086,500. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 109,330 shares of company stock valued at $24,557,062 in the last 90 days. Corporate insiders own 20.60% of the company's stock.

About Axsome Therapeutics

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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