SummitTX Capital L.P. Makes New $2.59 Million Investment in Axsome Therapeutics, Inc. $AXSM

Key Points

• SummitTX Capital initiated a $2.59 million position in Axsome Therapeutics by purchasing 15,304 shares during the first quarter. Institutional investors collectively own 81.49% of the company.
• Axsome reported quarterly revenue of $191.2 million, up 57.4% year over year and roughly in line with estimates, but its loss of $1.26 per share was wider than expected. Analysts forecast a full-year loss of $2.45 per share.
• Wall Street maintains a “Moderate Buy” consensus rating with an average price target of $261.48, while company insiders sold approximately $37.2 million in stock over the past 90 days.

SummitTX Capital L.P. bought a new stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,304 shares of the company's stock, valued at approximately $2,587,000.

Other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of Axsome Therapeutics by 84.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,334,560 shares of the company's stock worth $162,082,000 after buying an additional 609,516 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Axsome Therapeutics by 1,230.2% in the first quarter. First Trust Advisors LP now owns 577,479 shares of the company's stock valued at $97,606,000 after acquiring an additional 534,066 shares in the last quarter. Norges Bank purchased a new stake in Axsome Therapeutics in the fourth quarter worth about $90,490,000. Price T Rowe Associates Inc. MD lifted its stake in Axsome Therapeutics by 45.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,509,870 shares of the company's stock worth $275,763,000 after acquiring an additional 472,422 shares during the period. Finally, Invesco Ltd. grew its holdings in Axsome Therapeutics by 73.3% during the 3rd quarter. Invesco Ltd. now owns 990,557 shares of the company's stock worth $120,303,000 after acquiring an additional 419,008 shares in the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Axsome Therapeutics Stock Performance

Shares of Axsome Therapeutics stock opened at $234.20 on Wednesday. The company has a market capitalization of $12.05 billion, a PE ratio of -62.79 and a beta of 0.60. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.32 and a current ratio of 1.39. The company has a 50-day simple moving average of $239.62 and a two-hundred day simple moving average of $201.72. Axsome Therapeutics, Inc. has a one year low of $96.09 and a one year high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative net margin of 26.59% and a negative return on equity of 267.16%. The firm had revenue of $191.20 million for the quarter, compared to analysts' expectations of $191.10 million. Axsome Therapeutics's revenue for the quarter was up 57.4% compared to the same quarter last year. Research analysts expect that Axsome Therapeutics, Inc. will post -2.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AXSM has been the topic of a number of research reports. Cantor Fitzgerald reissued an "overweight" rating and set a $272.00 target price on shares of Axsome Therapeutics in a research report on Monday, May 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Axsome Therapeutics in a research report on Friday, July 17th. Morgan Stanley upgraded shares of Axsome Therapeutics from a "reduce" rating to an "overweight" rating in a research note on Thursday, June 11th. HC Wainwright reissued a "buy" rating and set a $290.00 price objective on shares of Axsome Therapeutics in a report on Wednesday, July 15th. Finally, Needham & Company LLC boosted their price objective on shares of Axsome Therapeutics from $225.00 to $255.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $261.48.

Insider Activity

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 4,517 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $227.94, for a total value of $1,029,604.98. Following the completion of the sale, the chief operating officer directly owned 4,517 shares in the company, valued at $1,029,604.98. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nick Pizzie sold 33,000 shares of Axsome Therapeutics stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 42,867 shares in the company, valued at $10,291,938.03. This represents a 43.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,852 shares of company stock worth $37,230,112 over the last 90 days. 20.60% of the stock is currently owned by insiders.

Axsome Therapeutics Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.