T. Rowe Price Investment Management Inc. Buys Shares of 266,997 Axsome Therapeutics, Inc. $AXSM

Key Points

• T. Rowe Price Investment Management Inc. purchased 266,997 shares of Axsome Therapeutics for about $31.14 million, owning 0.54% of the company as of the latest reporting period.
• Other investors, such as Assenagon Asset Management, have significantly increased their holdings, with Assenagon's position growing by 16,852.7% during the first quarter.
• Insider trading activity was noted, with COO Mark Jacobson selling 25,000 shares, which decreased his stake by 81.21%, signaling potential concerns about the stock's performance.

T. Rowe Price Investment Management Inc. bought a new position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 266,997 shares of the company's stock, valued at approximately $31,140,000. T. Rowe Price Investment Management Inc. owned about 0.54% of Axsome Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in AXSM. Envestnet Asset Management Inc. grew its holdings in shares of Axsome Therapeutics by 74.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 35,129 shares of the company's stock worth $2,972,000 after purchasing an additional 15,047 shares during the last quarter. Mariner LLC grew its holdings in shares of Axsome Therapeutics by 13.8% in the fourth quarter. Mariner LLC now owns 15,120 shares of the company's stock worth $1,279,000 after purchasing an additional 1,834 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Axsome Therapeutics in the fourth quarter worth approximately $347,000. First Trust Advisors LP grew its holdings in shares of Axsome Therapeutics by 26.7% in the fourth quarter. First Trust Advisors LP now owns 54,580 shares of the company's stock worth $4,618,000 after purchasing an additional 11,488 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Axsome Therapeutics by 5.9% in the fourth quarter. MetLife Investment Management LLC now owns 22,277 shares of the company's stock worth $1,885,000 after purchasing an additional 1,232 shares during the last quarter. Institutional investors own 81.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AXSM. Oppenheimer began coverage on shares of Axsome Therapeutics in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $185.00 target price on the stock. Bank of America raised their target price on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Wells Fargo & Company restated an "overweight" rating and issued a $165.00 target price (up previously from $160.00) on shares of Axsome Therapeutics in a report on Tuesday, May 6th. Royal Bank Of Canada boosted their price objective on shares of Axsome Therapeutics from $184.00 to $189.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Needham & Company LLC reissued a "buy" rating and set a $150.00 price objective on shares of Axsome Therapeutics in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. Based on data from MarketBeat.com, Axsome Therapeutics currently has an average rating of "Buy" and an average price target of $178.00.

Insider Transactions at Axsome Therapeutics

In related news, General Counsel Hunter R. Murdock sold 7,500 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $100.26, for a total value of $751,950.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roger Jeffs sold 20,000 shares of the company's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $120.03, for a total transaction of $2,400,600.00. Following the completion of the transaction, the director owned 130,974 shares in the company, valued at approximately $15,720,809.22. The trade was a 13.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 82,708 shares of company stock valued at $9,288,812 in the last quarter. 22.30% of the stock is owned by insiders.

Axsome Therapeutics Stock Down 0.2%

Shares of AXSM stock traded down $0.21 during mid-day trading on Friday, reaching $121.54. 81,822 shares of the company's stock traded hands, compared to its average volume of 763,234. Axsome Therapeutics, Inc. has a 12 month low of $75.56 and a 12 month high of $139.13. The company has a market cap of $6.06 billion, a P/E ratio of -23.97 and a beta of 0.51. The company has a quick ratio of 1.51, a current ratio of 1.57 and a debt-to-equity ratio of 1.66. The company's 50-day moving average price is $107.80 and its 200-day moving average price is $111.35.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.92) EPS for the quarter, beating analysts' consensus estimates of ($1.00) by $0.08. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. The firm had revenue of $150.04 million for the quarter, compared to analysts' expectations of $140.02 million. On average, equities analysts expect that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current fiscal year.

Axsome Therapeutics 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.