Prosperity Wealth Management Inc. Invests $321,000 in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Prosperity Wealth Management Inc. purchased a new position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,750 shares of the company's stock, valued at approximately $321,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. NBC Securities Inc. purchased a new stake in Axsome Therapeutics in the first quarter worth about $31,000. Raiffeisen Bank International AG purchased a new stake in Axsome Therapeutics in the fourth quarter worth about $51,000. Assetmark Inc. purchased a new stake in Axsome Therapeutics in the fourth quarter worth about $52,000. Aquatic Capital Management LLC purchased a new stake in Axsome Therapeutics in the fourth quarter worth about $76,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Axsome Therapeutics in the fourth quarter worth about $86,000. Hedge funds and other institutional investors own 81.49% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Needham & Company LLC reduced their price target on Axsome Therapeutics from $153.00 to $150.00 and set a "buy" rating for the company in a research report on Monday, June 9th. Royal Bank Of Canada dropped their price objective on Axsome Therapeutics from $193.00 to $186.00 and set an "outperform" rating for the company in a research note on Thursday, June 12th. Cantor Fitzgerald raised Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Mizuho upped their price objective on Axsome Therapeutics from $212.00 to $216.00 and gave the stock an "outperform" rating in a research note on Thursday, March 27th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $165.00 price objective (up previously from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $172.33.

Insider Activity

In other news, COO Mark L. Jacobson sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $110.44, for a total value of $2,761,000.00. Following the completion of the sale, the chief operating officer now directly owns 5,783 shares of the company's stock, valued at $638,674.52. This trade represents a 81.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Hunter R. Murdock sold 7,500 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $100.26, for a total value of $751,950.00. The disclosure for this sale can be found here. Insiders sold 79,923 shares of company stock valued at $8,463,569 in the last ninety days. Insiders own 22.30% of the company's stock.

Axsome Therapeutics Price Performance

Axsome Therapeutics stock traded up $1.29 during midday trading on Thursday, reaching $102.89. 650,414 shares of the stock traded hands, compared to its average volume of 677,064. The stock's fifty day moving average is $106.70 and its 200-day moving average is $107.04. Axsome Therapeutics, Inc. has a 12 month low of $72.02 and a 12 month high of $139.13. The stock has a market cap of $5.07 billion, a P/E ratio of -17.83 and a beta of 0.47. The company has a quick ratio of 1.96, a current ratio of 2.03 and a debt-to-equity ratio of 3.48.

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.