Raymond James Financial Inc. Cuts Stock Position in Axsome Therapeutics, Inc. $AXSM

Key Points

• Raymond James Financial Inc. has reduced its stake in Axsome Therapeutics by 11.2%, selling 19,511 shares and now holding 155,075 shares valued at approximately $18.1 million.
• Axsome Therapeutics reported earnings showing a loss of ($0.92) per share, although this was better than the expected loss of ($1.00), with quarterly revenue of $150.04 million exceeding forecasts.
• Research analysts are optimistic about Axsome Therapeutics, with several instituting buy ratings and a consensus target price of $178.00 for its stock.

Raymond James Financial Inc. cut its stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 11.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 155,075 shares of the company's stock after selling 19,511 shares during the quarter. Raymond James Financial Inc. owned approximately 0.31% of Axsome Therapeutics worth $18,086,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in AXSM. Caitong International Asset Management Co. Ltd acquired a new position in shares of Axsome Therapeutics during the first quarter worth about $25,000. NBC Securities Inc. acquired a new position in Axsome Therapeutics in the first quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new position in Axsome Therapeutics in the first quarter valued at approximately $41,000. Raiffeisen Bank International AG acquired a new position in Axsome Therapeutics in the fourth quarter valued at approximately $51,000. Finally, Aquatic Capital Management LLC acquired a new position in Axsome Therapeutics in the fourth quarter valued at approximately $76,000. 81.49% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Axsome Therapeutics

In other news, General Counsel Hunter R. Murdock sold 6,014 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $100.12, for a total transaction of $602,121.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Jeffs sold 13,464 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $123.68, for a total value of $1,665,227.52. Following the sale, the director owned 57,510 shares of the company's stock, valued at $7,112,836.80. This trade represents a 18.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,172 shares of company stock worth $13,386,040 over the last 90 days. 22.40% of the stock is currently owned by insiders.

Axsome Therapeutics Stock Performance

NASDAQ AXSM traded up $2.19 on Tuesday, reaching $123.47. The stock had a trading volume of 902,213 shares, compared to its average volume of 507,815. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57. Axsome Therapeutics, Inc. has a 12-month low of $75.56 and a 12-month high of $139.13. The business's 50-day moving average price is $108.99 and its 200 day moving average price is $111.01. The stock has a market cap of $6.16 billion, a P/E ratio of -24.35 and a beta of 0.54.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.92) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $150.04 million during the quarter, compared to analysts' expectations of $140.02 million. As a group, equities analysts expect that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Oppenheimer assumed coverage on Axsome Therapeutics in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $150.00 price target on shares of Axsome Therapeutics in a report on Monday, August 4th. Robert W. Baird upped their price target on Axsome Therapeutics from $160.00 to $162.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. Morgan Stanley assumed coverage on Axsome Therapeutics in a report on Thursday, July 3rd. They issued an "overweight" rating and a $190.00 price target for the company. Finally, Cantor Fitzgerald raised Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $178.00.

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.