Northern Trust Corp Buys 8,469 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Northern Trust Corp increased its holdings in Axsome Therapeutics by 2.1%, owning 410,969 shares worth approximately $47.93 million as of the last quarter.
• Insider transactions revealed that Director Roger Jeffs sold 20,000 shares for over $2.4 million, reflecting a 13.25% decrease in his ownership.
• Analysts remain optimistic with several firms giving Axsome Therapeutics a "Buy" rating and target prices ranging from $150 to $190 per share.

Northern Trust Corp increased its stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 2.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 410,969 shares of the company's stock after buying an additional 8,469 shares during the quarter. Northern Trust Corp owned 0.83% of Axsome Therapeutics worth $47,931,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Axsome Therapeutics in the 1st quarter worth about $25,000. NBC Securities Inc. purchased a new position in shares of Axsome Therapeutics in the 1st quarter worth about $31,000. Neo Ivy Capital Management purchased a new position in shares of Axsome Therapeutics in the 1st quarter worth about $41,000. Raiffeisen Bank International AG purchased a new position in shares of Axsome Therapeutics in the 4th quarter worth about $51,000. Finally, Aquatic Capital Management LLC purchased a new position in shares of Axsome Therapeutics in the 4th quarter worth about $76,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Price Performance

Shares of AXSM traded up $2.19 during midday trading on Tuesday, hitting $123.47. 902,213 shares of the company traded hands, compared to its average volume of 507,815. The stock has a 50-day moving average of $108.99 and a 200-day moving average of $111.01. Axsome Therapeutics, Inc. has a one year low of $75.56 and a one year high of $139.13. The firm has a market cap of $6.16 billion, a P/E ratio of -24.35 and a beta of 0.54. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.51.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($0.92) earnings per share for the quarter, beating 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 firm had revenue of $150.04 million for the quarter, compared to analysts' expectations of $140.02 million. As a group, sell-side analysts predict that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Cantor Fitzgerald raised shares of Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, May 14th. Morgan Stanley assumed coverage on shares of Axsome Therapeutics in a report on Thursday, July 3rd. They set an "overweight" rating and a $190.00 price objective on the stock. Oppenheimer assumed coverage on shares of Axsome Therapeutics in a report on Tuesday, June 3rd. They set an "outperform" rating and a $185.00 price objective on the stock. Royal Bank Of Canada upped their price objective on shares of Axsome Therapeutics from $184.00 to $189.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 price objective on shares of Axsome Therapeutics in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $178.00.

Insider Activity

In other news, Director Roger Jeffs sold 13,464 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $123.68, for a total transaction of $1,665,227.52. Following the sale, the director directly owned 57,510 shares in the company, valued at $7,112,836.80. This represents a 18.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Mark L. Jacobson sold 25,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $110.44, for a total value of $2,761,000.00. Following the sale, the chief operating officer owned 5,783 shares in the company, valued at approximately $638,674.52. This represents a 81.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 116,172 shares of company stock worth $13,386,040 over the last ninety days. Company insiders own 22.40% of the company's stock.

Axsome Therapeutics Company Profile

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.