Insider Selling: Axsome Therapeutics (NASDAQ:AXSM) Director Sells 643 Shares of Stock

Key Points

• Axsome Therapeutics director Mark Coleman sold 643 shares on June 10 at an average price of $249, worth about $160,107. After the sale, he still held 30,389 shares valued at roughly $7.57 million.
• The sale was tied to tax withholding obligations related to the vesting of equity awards, and it followed several larger insider sales by Coleman in early June and late May.
• AXSM shares were trading near their 52-week high, rising 0.3% to $246.34, while analysts remain broadly positive with a consensus “Moderate Buy” rating and a price target of $251.26.

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) Director Mark Coleman sold 643 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $249.00, for a total value of $160,107.00. Following the completion of the sale, the director owned 30,389 shares of the company's stock, valued at $7,566,861. The trade was a 2.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Mark Coleman also recently made the following trade(s):

• On Tuesday, June 2nd, Mark Coleman sold 5,537 shares of Axsome Therapeutics stock. The stock was sold at an average price of $223.39, for a total value of $1,236,910.43.
• On Monday, June 1st, Mark Coleman sold 6,000 shares of Axsome Therapeutics stock. The stock was sold at an average price of $230.30, for a total value of $1,381,800.00.
• On Friday, May 29th, Mark Coleman sold 6,000 shares of Axsome Therapeutics stock. The stock was sold at an average price of $233.46, for a total value of $1,400,760.00.

Axsome Therapeutics Stock Up 0.3%

Shares of NASDAQ:AXSM traded up $0.70 during midday trading on Wednesday, hitting $246.34. 741,228 shares of the stock were exchanged, compared to its average volume of 629,825. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.32 and a current ratio of 1.39. Axsome Therapeutics, Inc. has a 52-week low of $96.09 and a 52-week high of $256.00. The business's fifty day simple moving average is $207.58 and its two-hundred day simple moving average is $180.70. The company has a market capitalization of $12.68 billion, a PE ratio of -66.04 and a beta of 0.61.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.41). Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.The firm had revenue of $191.20 million for the quarter, compared to analysts' expectations of $191.10 million. The company's revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, research analysts predict that Axsome Therapeutics, Inc. will post -2.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on AXSM. TD Cowen reiterated a "buy" rating on shares of Axsome Therapeutics in a report on Friday, May 1st. Wells Fargo & Company increased their price objective on Axsome Therapeutics from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Truist Financial upgraded Axsome Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Guggenheim raised their target price on Axsome Therapeutics from $245.00 to $260.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Oppenheimer set a $280.00 target price on Axsome Therapeutics in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Axsome Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $251.26.

Hedge Funds Weigh In On Axsome Therapeutics

Several institutional investors have recently bought and sold shares of AXSM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Axsome Therapeutics by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company's stock valued at $2,557,000 after buying an additional 1,002 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Axsome Therapeutics by 2,407.9% during the first quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company's stock valued at $889,000 after buying an additional 7,320 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Axsome Therapeutics by 38.7% during the first quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company's stock valued at $35,189,000 after buying an additional 84,151 shares in the last quarter. Caxton Associates LLP bought a new position in Axsome Therapeutics during the first quarter valued at about $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Axsome Therapeutics by 29.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company's stock valued at $8,735,000 after buying an additional 17,250 shares in the last quarter. 81.49% of the stock is currently owned by institutional investors.

About Axsome Therapeutics

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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