Ieq Capital LLC Purchases New Position in Axsome Therapeutics, Inc. $AXSM

Key Points

• Ieq Capital LLC purchased a new stake in Axsome Therapeutics, acquiring 4,816 shares valued at approximately $562,000 during the first quarter.
• Significant insider selling occurred, with COO Mark L. Jacobson offloading 25,000 shares for about $2.76 million, reflecting an 81.21% reduction in his position.
• Despite recent insider sales, several analysts have set bullish price targets for the stock, with Royal Bank of Canada increasing its price objective to $189.00 and Cantor Fitzgerald giving it a "strong-buy" rating.

Ieq Capital LLC acquired a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 4,816 shares of the company's stock, valued at approximately $562,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC grew its holdings in Axsome Therapeutics by 0.3% during the 1st quarter. Mutual of America Capital Management LLC now owns 39,623 shares of the company's stock valued at $4,621,000 after buying an additional 136 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Axsome Therapeutics in the 1st quarter worth approximately $25,000. GF Fund Management CO. LTD. boosted its holdings in Axsome Therapeutics by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,241 shares of the company's stock valued at $145,000 after acquiring an additional 223 shares during the period. Xponance Inc. lifted its stake in shares of Axsome Therapeutics by 8.7% during the 1st quarter. Xponance Inc. now owns 2,891 shares of the company's stock worth $337,000 after purchasing an additional 232 shares during the last quarter. Finally, Tocqueville Asset Management L.P. raised its holdings in shares of Axsome Therapeutics by 5.1% during the first quarter. Tocqueville Asset Management L.P. now owns 5,200 shares of the company's stock worth $606,000 after purchasing an additional 250 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors and hedge funds.

Axsome Therapeutics Stock Up 2.2%

Axsome Therapeutics stock traded up $2.80 during mid-day trading on Monday, reaching $127.97. The stock had a trading volume of 372,284 shares, compared to its average volume of 759,069. 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 debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57. The stock's 50-day simple moving average is $110.23 and its 200-day simple moving average is $110.78. The firm has a market capitalization of $6.39 billion, a PE ratio of -25.21 and a beta of 0.54.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($0.92) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.08. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%.The business had revenue of $150.04 million during the quarter, compared to analysts' expectations of $140.02 million. On average, sell-side analysts forecast that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Axsome Therapeutics news, General Counsel Hunter R. Murdock sold 7,500 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $100.26, for a total value of $751,950.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark E. Saad sold 9,127 shares of Axsome Therapeutics stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $125.07, for a total value of $1,141,513.89. Following the completion of the sale, the director directly owned 10,002 shares in the company, valued at $1,250,950.14. This represents a 47.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,299 shares of company stock worth $11,766,554 in the last 90 days. Insiders own 22.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and set a $180.00 target price on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Wells Fargo & Company upgraded Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, September 3rd. 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. Royal Bank Of Canada lifted their price target 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, Morgan Stanley assumed coverage on Axsome Therapeutics in a report on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $177.86.

About Axsome Therapeutics

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.