Sofinnova Investments Inc. Has $2.24 Million Position in Axsome Therapeutics, Inc. $AXSM

Key Points

• Sofinnova Investments cut its Axsome Therapeutics stake by 96.9% in the fourth quarter, leaving it with 12,266 shares valued at about $2.24 million.
• Axsome saw notable insider selling, including CFO Nick Pizzie’s sale of 33,000 shares for nearly $7.9 million; insiders have sold $26.7 million worth of stock over the last 90 days.
• Analysts remain broadly constructive, with multiple price-target increases and a consensus rating of “Moderate Buy” and average target price of $256.79, while the stock recently traded near its 12-month high.

Sofinnova Investments Inc. lessened its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 96.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,266 shares of the company's stock after selling 381,233 shares during the period. Sofinnova Investments Inc.'s holdings in Axsome Therapeutics were worth $2,240,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. TritonPoint Partners LLC acquired a new stake in shares of Axsome Therapeutics in the fourth quarter valued at about $209,000. Vanguard Personalized Indexing Management LLC raised its stake in Axsome Therapeutics by 4.2% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 2,190 shares of the company's stock worth $400,000 after buying an additional 89 shares during the period. Verition Fund Management LLC raised its stake in Axsome Therapeutics by 71.4% during the 4th quarter. Verition Fund Management LLC now owns 3,409 shares of the company's stock worth $623,000 after buying an additional 1,420 shares during the period. MML Investors Services LLC acquired a new position in Axsome Therapeutics during the 4th quarter worth approximately $436,000. Finally, Nicholas Investment Partners LP raised its stake in shares of Axsome Therapeutics by 88.2% in the fourth quarter. Nicholas Investment Partners LP now owns 91,564 shares of the company's stock worth $16,723,000 after purchasing an additional 42,907 shares during the last quarter. Institutional investors and hedge funds own 81.49% of the company's stock.

Insider Transactions at Axsome Therapeutics

In related news, CFO Nick Pizzie sold 33,000 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $240.09, for a total transaction of $7,922,970.00. Following the transaction, the chief financial officer owned 42,867 shares in the company, valued at $10,291,938.03. The trade was a 43.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ari Maizel sold 7,500 shares of the business's stock in a transaction dated Wednesday, April 22nd. The shares were 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 in the company, valued at approximately $1,368,150. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 113,686 shares of company stock valued at $26,666,006. 20.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Royal Bank Of Canada increased their price objective on Axsome Therapeutics from $242.00 to $302.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Jefferies Financial Group reissued a "buy" rating and set a $380.00 price objective on shares of Axsome Therapeutics in a report on Thursday. UBS Group increased their price objective on Axsome Therapeutics from $251.00 to $259.00 and gave the company a "buy" rating in a report on Friday, April 10th. Morgan Stanley raised Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a report on Thursday. Finally, Needham & Company LLC lifted their price objective on Axsome Therapeutics from $225.00 to $255.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Axsome Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $256.79.

Axsome Therapeutics Stock Down 0.7%

AXSM opened at $253.40 on Tuesday. The company has a market cap of $13.04 billion, a P/E ratio of -67.94 and a beta of 0.61. The business's 50-day moving average price is $212.64 and its 200-day moving average price is $182.89. 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 $257.92.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.41). The company had revenue of $191.20 million during the quarter, compared to analysts' expectations of $191.10 million. Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The company's quarterly revenue was up 57.4% compared to the same quarter last year. On average, equities analysts expect that Axsome Therapeutics, Inc. will post -2.27 EPS for the current year.

Axsome Therapeutics Profile

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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