Norges Bank Makes New $90.49 Million Investment in Axsome Therapeutics, Inc. $AXSM

Key Points

• Norges Bank opened a new position in Axsome Therapeutics, buying 495,456 shares valued at about $90.49 million in the fourth quarter. The stake represented about 0.98% of the company.
• Several major brokerages turned more bullish on AXSM, with multiple firms raising price targets; the current consensus rating is Moderate Buy with an average target of $251.26.
• Axsome reported quarterly revenue of $191.2 million, up 57.4% year over year, but earnings came in below expectations at -$1.26 per share. The stock was trading near $232.32, close to its 52-week high.

Norges Bank acquired a new position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 495,456 shares of the company's stock, valued at approximately $90,490,000. Norges Bank owned 0.98% of Axsome Therapeutics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AXSM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Axsome Therapeutics by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock worth $2,557,000 after purchasing an additional 1,002 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Axsome Therapeutics by 2,407.9% during the 1st 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. raised its stake in shares of Axsome Therapeutics by 38.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock worth $35,189,000 after purchasing an additional 84,151 shares in the last quarter. Caxton Associates LLP purchased a new stake in shares of Axsome Therapeutics during the 1st quarter worth about $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Axsome Therapeutics by 29.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company's stock worth $8,735,000 after purchasing an additional 17,250 shares in the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on AXSM. Guggenheim raised their price target on Axsome Therapeutics from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Jefferies Financial Group raised their price target on Axsome Therapeutics from $245.00 to $275.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Royal Bank Of Canada raised their price target on Axsome Therapeutics from $242.00 to $302.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Oppenheimer set a $280.00 price target on Axsome Therapeutics in a research note on Monday, May 4th. Finally, Mizuho raised their price objective on Axsome Therapeutics from $228.00 to $310.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Axsome Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $251.26.

Axsome Therapeutics Stock Up 0.4%

Shares of AXSM stock opened at $232.32 on Friday. The stock's 50 day simple moving average is $202.66 and its 200 day simple moving average is $178.42. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.32 and a current ratio of 1.39. Axsome Therapeutics, Inc. has a twelve month low of $96.09 and a twelve month high of $242.41. The company has a market capitalization of $11.96 billion, a price-to-earnings ratio of -62.28 and a beta of 0.61.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported ($1.26) earnings per share 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 the consensus estimate of $191.10 million. Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. Axsome Therapeutics's revenue for the quarter was up 57.4% on a year-over-year basis. As a group, research analysts predict that Axsome Therapeutics, Inc. will post -2.24 EPS for the current year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 233 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $228.18, for a total value of $53,165.94. Following the sale, the chief operating officer owned 4,517 shares of the company's stock, valued at $1,030,689.06. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ari Maizel sold 7,500 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $182.42, for a total value of $1,368,150.00. Following the completion of the sale, the insider directly owned 7,500 shares in the company, valued at $1,368,150. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,787 shares of company stock valued at $6,470,391 in the last 90 days. 20.60% of the stock is currently owned by insiders.

Axsome Therapeutics Company 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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