Pictet Asset Management Holding SA Sells 20,080 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Pictet Asset Management trimmed its Axsome Therapeutics stake by 4.6% in the first quarter, selling 20,080 shares and leaving it with 415,983 shares valued at about $70.3 million.
• Axsome’s latest earnings missed on EPS, reporting a loss of $1.26 per share versus the $0.85 estimate, though revenue of $191.2 million was roughly in line with expectations and up 57.4% year over year.
• Wall Street remains constructive on AXSM, with analysts issuing a consensus “Moderate Buy” rating and an average price target of $258.95, even as insiders have recently sold shares.

Pictet Asset Management Holding SA decreased its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 4.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415,983 shares of the company's stock after selling 20,080 shares during the quarter. Pictet Asset Management Holding SA owned 0.81% of Axsome Therapeutics worth $70,306,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Axsome Therapeutics by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock worth $2,557,000 after buying an additional 1,002 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Axsome Therapeutics by 2,407.9% in the 1st quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock valued at $889,000 after acquiring an additional 7,320 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Axsome Therapeutics by 38.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock valued at $35,189,000 after acquiring an additional 84,151 shares in the last quarter. Caxton Associates LLP acquired a new position in Axsome Therapeutics during the 1st quarter worth approximately $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in 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 acquiring an additional 17,250 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Trading Down 0.2%

NASDAQ AXSM opened at $241.12 on Tuesday. The company has a market cap of $12.41 billion, a PE ratio of -64.64 and a beta of 0.61. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27. Axsome Therapeutics, Inc. has a 12 month low of $96.09 and a 12 month high of $260.19. The stock has a 50 day moving average of $226.34 and a 200-day moving average of $189.73.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its earnings results 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). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The firm had revenue of $191.20 million for the quarter, compared to analyst estimates of $191.10 million. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. On average, equities research analysts anticipate that Axsome Therapeutics, Inc. will post -2.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Mark Coleman sold 6,000 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $230.30, for a total value of $1,381,800.00. Following the completion of the sale, the director directly owned 35,140 shares in the company, valued at approximately $8,092,742. This trade represents a 14.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ari Maizel sold 7,500 shares of Axsome Therapeutics stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $182.42, for a total value of $1,368,150.00. Following the transaction, the insider owned 7,500 shares of the company's stock, valued at $1,368,150. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 113,686 shares of company stock worth $26,666,006. Corporate insiders own 20.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AXSM shares. UBS Group lifted their price objective on shares of Axsome Therapeutics from $251.00 to $259.00 and gave the company a "buy" rating in a report on Friday, April 10th. TD Cowen increased their target price on shares of Axsome Therapeutics from $275.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, June 17th. Royal Bank Of Canada raised their target price on shares of Axsome Therapeutics from $242.00 to $302.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $272.00 price target on shares of Axsome Therapeutics in a research note on Monday, May 4th. Finally, Morgan Stanley raised shares of Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Axsome Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $258.95.

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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