Axsome Therapeutics (NASDAQ:AXSM) Upgraded by Morgan Stanley to Overweight

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) was upgraded by research analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a report issued on Monday, Marketbeat Ratings reports. The firm presently has a $115.00 target price on the stock, up from their prior target price of $90.00. Morgan Stanley's target price indicates a potential upside of 56.06% from the company's previous close.

Several other research analysts have also issued reports on AXSM. UBS Group assumed coverage on Axsome Therapeutics in a research report on Tuesday, February 6th. They set a "buy" rating and a $111.00 target price for the company. Robert W. Baird started coverage on shares of Axsome Therapeutics in a research note on Tuesday, March 19th. They issued an "outperform" rating and a $108.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $107.00 price objective on shares of Axsome Therapeutics in a research note on Wednesday, April 10th. Piper Sandler boosted their price objective on shares of Axsome Therapeutics from $90.00 to $113.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 16th. Finally, Royal Bank of Canada upped their price target on Axsome Therapeutics from $123.00 to $128.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $122.00.

Axsome Therapeutics Stock Up 2.8 %

Shares of Axsome Therapeutics stock traded up $1.98 during midday trading on Monday, hitting $73.69. The company had a trading volume of 505,671 shares, compared to its average volume of 715,375. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.52 and a current ratio of 3.63. The stock has a market capitalization of $3.49 billion, a P/E ratio of -14.17 and a beta of 1.13. The company has a 50 day moving average of $75.29 and a 200 day moving average of $75.27. Axsome Therapeutics has a 52-week low of $55.02 and a 52-week high of $98.40.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its earnings results on Tuesday, February 20th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($1.21) by $0.48. Axsome Therapeutics had a negative return on equity of 70.67% and a negative net margin of 88.41%. The business had revenue of $71.53 million for the quarter, compared to the consensus estimate of $70.38 million. On average, equities analysts predict that Axsome Therapeutics will post -3.81 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Mark L. Jacobson sold 24,662 shares of the business's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $77.24, for a total transaction of $1,904,892.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, COO Mark L. Jacobson sold 24,662 shares of the business's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $77.24, for a total transaction of $1,904,892.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roger Jeffs sold 29,976 shares of the business's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $69.70, for a total transaction of $2,089,327.20. Following the sale, the director now directly owns 120,756 shares in the company, valued at $8,416,693.20. The disclosure for this sale can be found here. Corporate insiders own 24.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AXSM. China Universal Asset Management Co. Ltd. raised its position in shares of Axsome Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 9,103 shares of the company's stock worth $726,000 after purchasing an additional 3,628 shares during the last quarter. Peregrine Capital Management LLC raised its position in shares of Axsome Therapeutics by 1.6% during the 1st quarter. Peregrine Capital Management LLC now owns 86,135 shares of the company's stock worth $6,874,000 after purchasing an additional 1,318 shares during the last quarter. WCM Investment Management LLC raised its position in shares of Axsome Therapeutics by 6.5% during the 1st quarter. WCM Investment Management LLC now owns 111,590 shares of the company's stock worth $8,905,000 after purchasing an additional 6,782 shares during the last quarter. Wesbanco Bank Inc. acquired a new position in shares of Axsome Therapeutics during the 1st quarter worth about $662,000. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of Axsome Therapeutics by 14.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 69,483 shares of the company's stock worth $5,545,000 after purchasing an additional 8,867 shares during the last quarter. Institutional investors and hedge funds own 81.49% of the company's stock.

About Axsome Therapeutics

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.