Axsome Therapeutics (NASDAQ:AXSM) Earns "Buy" Rating from Needham & Company LLC

Key Points

• Needham & Company LLC has reaffirmed a "buy" rating for Axsome Therapeutics (NASDAQ:AXSM) with a price target of $150.00, suggesting a potential upside of 45.60% from the current stock price.
• Axsome Therapeutics has received multiple positive ratings from analysts, with an average consensus price target of $172.33 and significant coverage from notable firms like Oppenheimer and Morgan Stanley.
• Insider trading activity has been noted, with director Mark Coleman and COO Mark L. Jacobson selling significant shares recently, representing a decrease in their positions in the company.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Needham & Company LLC in a research report issued on Monday,Benzinga reports. They presently have a $150.00 target price on the stock. Needham & Company LLC's target price points to a potential upside of 45.26% from the company's previous close.

Several other equities analysts have also recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and set a $180.00 target price on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Morgan Stanley began coverage on shares of Axsome Therapeutics in a research note on Thursday, July 3rd. They set an "overweight" rating and a $190.00 target price for the company. Royal Bank Of Canada cut their target price on shares of Axsome Therapeutics from $193.00 to $186.00 and set an "outperform" rating for the company in a research note on Thursday, June 12th. Cantor Fitzgerald raised shares of Axsome Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Finally, Jefferies Financial Group started coverage on shares of Axsome Therapeutics in a research note on Monday, April 7th. They issued a "buy" rating and a $200.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $173.13.

Axsome Therapeutics Stock Performance

AXSM traded down $0.33 during trading on Monday, hitting $103.26. The company's stock had a trading volume of 553,803 shares, compared to its average volume of 718,514. The company has a quick ratio of 1.96, a current ratio of 1.57 and a debt-to-equity ratio of 1.66. Axsome Therapeutics has a one year low of $75.56 and a one year high of $139.13. The firm has a market cap of $5.08 billion, a PE ratio of -20.37 and a beta of 0.51. The business's 50 day simple moving average is $105.87 and its 200-day simple moving average is $110.65.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported ($0.92) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.08. The firm had revenue of $150.04 million for the quarter, compared to the consensus estimate of $140.02 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. As a group, sell-side analysts predict that Axsome Therapeutics will post -2.79 EPS for the current fiscal year.

Insider Activity

In other news, COO Mark L. Jacobson sold 25,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $110.44, for a total value of $2,761,000.00. Following the completion of the sale, the chief operating officer owned 5,783 shares in the company, valued at approximately $638,674.52. The trade was a 81.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Hunter R. Murdock sold 6,014 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $100.12, for a total transaction of $602,121.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,437 shares of company stock worth $9,834,215. 22.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Axsome Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $25,000. NBC Securities Inc. purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $31,000. Quantbot Technologies LP purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $31,000. AlphaQuest LLC purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $38,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $41,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

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.