Royce & Associates LP Lowers Stock Position in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Key Points

• Royce & Associates LP has reduced its position in Axsome Therapeutics by 18.2%, ending the first quarter with 30,257 shares valued at approximately $3.5 million.
• Several other institutional investors have significantly increased their holdings in Axsome Therapeutics, with Assenagon Asset Management boosting its stake by over 16,000% during the same period.
• Analysts have set a consensus price target of $172.33 for Axsome Therapeutics, with many rating the stock as a buy, highlighting positive market sentiment despite recent share price fluctuations.

Royce & Associates LP decreased its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 18.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,257 shares of the company's stock after selling 6,743 shares during the period. Royce & Associates LP owned 0.06% of Axsome Therapeutics worth $3,529,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AXSM. Mutual of America Capital Management LLC grew its holdings in Axsome Therapeutics by 0.3% during the 1st quarter. Mutual of America Capital Management LLC now owns 39,623 shares of the company's stock valued at $4,621,000 after buying an additional 136 shares in the last quarter. Pitcairn Co. grew its stake in Axsome Therapeutics by 3.4% during the fourth quarter. Pitcairn Co. now owns 4,562 shares of the company's stock valued at $386,000 after acquiring an additional 148 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Axsome Therapeutics by 4.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,852 shares of the company's stock valued at $326,000 after acquiring an additional 162 shares in the last quarter. Intrust Bank NA grew its stake in Axsome Therapeutics by 6.9% during the fourth quarter. Intrust Bank NA now owns 2,823 shares of the company's stock valued at $239,000 after acquiring an additional 183 shares in the last quarter. Finally, GF Fund Management CO. LTD. grew its position in shares of Axsome Therapeutics by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,241 shares of the company's stock valued at $145,000 after purchasing an additional 223 shares in the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Axsome Therapeutics

In other news, COO Mark L. Jacobson sold 25,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $110.44, for a total transaction of $2,761,000.00. Following the completion of the sale, the chief operating officer directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark Coleman sold 3,750 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $105.47, for a total transaction of $395,512.50. Following the sale, the director owned 50,387 shares of the company's stock, valued at approximately $5,314,316.89. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 93,437 shares of company stock valued at $9,834,215 in the last quarter. Company insiders own 22.30% of the company's stock.

Axsome Therapeutics Trading Up 1.6%

AXSM stock traded up $1.67 during trading on Thursday, hitting $102.93. 144,392 shares of the company traded hands, compared to its average volume of 787,991. The firm has a market capitalization of $5.07 billion, a PE ratio of -17.84 and a beta of 0.46. Axsome Therapeutics, Inc. has a 1 year low of $72.21 and a 1 year high of $139.13. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.96 and a current ratio of 2.03. The company has a 50-day moving average of $105.94 and a 200-day moving average of $110.20.

Analyst Ratings Changes

AXSM has been the subject of several recent analyst reports. Robert W. Baird boosted their target price on Axsome Therapeutics from $160.00 to $162.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Needham & Company LLC cut their price objective on Axsome Therapeutics from $153.00 to $150.00 and set a "buy" rating for the company in a report on Monday, June 9th. Royal Bank Of Canada cut their price target on shares of Axsome Therapeutics from $193.00 to $186.00 and set an "outperform" rating for the company in a research note on Thursday, June 12th. Oppenheimer began coverage on shares of Axsome Therapeutics in a research note on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on shares of Axsome Therapeutics in a research note on Monday, April 7th. They issued a "buy" rating and a $200.00 price target for the company. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Axsome Therapeutics presently has a consensus rating of "Buy" and an average price target of $172.33.

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.