Washington Trust Advisors Inc. Buys 43,788 Shares of Axsome Therapeutics, Inc. $AXSM

Key Points

• Washington Trust Advisors increased its Axsome Therapeutics position by 43,788 shares, or 25,021.7%, during the third quarter, bringing its holdings to 43,963 shares valued at about $8.1 million. Institutional investors own 81.49% of the company.
• Axsome shares fell to $145.04, well below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.99 per share, missing estimates, while revenue of $218.38 million was also slightly below expectations.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $275.74, despite recent insider selling totaling roughly $12.6 million and a CEO sale of 45,004 shares.

Washington Trust Advisors Inc. boosted its position in Axsome Therapeutics, Inc. (NASDAQ:AXSM - Free Report) by 25,021.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 43,963 shares of the company's stock after acquiring an additional 43,788 shares during the period. Washington Trust Advisors Inc. owned 0.08% of Axsome Therapeutics worth $8,106,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AXSM. Hollencrest Capital Management lifted its position in Axsome Therapeutics by 400.0% in the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company's stock valued at $34,000 after acquiring an additional 160 shares in the last quarter. ABS Investment Management LLC bought a new position in shares of Axsome Therapeutics during the second quarter valued at about $171,339,000. ABS Direct Equity Fund LLC bought a new position in shares of Axsome Therapeutics during the second quarter valued at about $60,000. Silvant Capital Management LLC purchased a new position in Axsome Therapeutics during the second quarter worth about $66,000. Finally, Parkside Financial Bank & Trust boosted its holdings in Axsome Therapeutics by 505.4% during the second quarter. Parkside Financial Bank & Trust now owns 339 shares of the company's stock worth $83,000 after purchasing an additional 283 shares during the last quarter. 81.49% of the stock is owned by institutional investors.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM traded down $11.03 during midday trading on Friday, reaching $145.04. The company had a trading volume of 1,593,482 shares, compared to its average volume of 911,736. The company's 50 day moving average price is $191.71 and its 200 day moving average price is $212.14. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 1.52. The stock has a market cap of $7.60 billion, a P/E ratio of -38.68 and a beta of 0.86. Axsome Therapeutics, Inc. has a 52-week low of $123.50 and a 52-week high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.10). The company had revenue of $218.38 million for the quarter, compared to analysts' expectations of $221.11 million. Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%. As a group, sell-side analysts anticipate that Axsome Therapeutics, Inc. will post -2.96 EPS for the current fiscal year.

Insider Transactions at Axsome Therapeutics

In related news, CEO Herriot Tabuteau sold 45,004 shares of Axsome Therapeutics stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $212.01, for a total value of $9,541,298.04. Following the sale, the chief executive officer owned 7,229 shares of the company's stock, valued at approximately $1,532,620.29. The trade was a 86.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the completion of the sale, the chief operating officer directly owned 10,000 shares in the company, valued at $2,086,500. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 59,664 shares of company stock worth $12,624,805. Corporate insiders own 20.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Mizuho increased their price objective on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the company an "outperform" rating in a research note on Wednesday, August 12th. Truist Financial boosted their target price on Axsome Therapeutics from $200.00 to $285.00 and gave the stock a "buy" rating in a research note on Wednesday, September 23rd. Royal Bank Of Canada restated an "outperform" rating on shares of Axsome Therapeutics in a research note on Wednesday, October 14th. Morgan Stanley reduced their target price on Axsome Therapeutics from $251.00 to $247.00 and set an "equal weight" rating for the company in a report on Friday, September 25th. Finally, Zacks Research raised Axsome Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $275.74.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome's commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

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