Axsome Therapeutics (NASDAQ:AXSM) Stock Price Up 4.4% - Here's Why

Key Points

• Axsome Therapeutics shares rose 4.4% to about $163.13, despite trading volume falling 93% below the average session volume.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $275.74; several firms recently raised their targets.
• The company missed quarterly EPS and revenue estimates, reporting a $0.99 per-share loss and $218.38 million in revenue. Meanwhile, insiders sold about $12.6 million of stock over the past 90 days, while institutional investors own 81.49% of shares.

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) shares shot up 4.4% on Wednesday. The company traded as high as $162.57 and last traded at $163.1270. Approximately 52,462 shares traded hands during trading, a decline of 93% from the average session volume of 755,612 shares. The stock had previously closed at $156.32.

Analysts Set New Price Targets

A number of brokerages have issued reports on AXSM. Wells Fargo & Company increased their price objective on shares of Axsome Therapeutics from $255.00 to $256.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. HC Wainwright restated a "buy" rating on shares of Axsome Therapeutics in a report on Friday, September 25th. Truist Financial raised their price objective on Axsome Therapeutics from $200.00 to $285.00 and gave the stock a "buy" rating in a research report on Wednesday, September 23rd. Guggenheim raised their price target on shares of Axsome Therapeutics from $260.00 to $275.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Piper Sandler restated an "overweight" rating and set a $258.00 target price on shares of Axsome Therapeutics in a research report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Axsome Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $275.74.

Axsome Therapeutics Stock Performance

The company's 50-day moving average is $200.91 and its two-hundred day moving average is $212.96. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52. The company has a market cap of $8.39 billion, a P/E ratio of -42.72 and a beta of 0.86.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last announced 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). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The firm had revenue of $218.38 million during the quarter, compared to the consensus estimate of $221.11 million. Equities analysts predict that Axsome Therapeutics, Inc. will post -2.92 EPS for the current year.

Insider Transactions at Axsome Therapeutics

In other news, COO Mark Jacobson sold 10,000 shares of the company's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the transaction, the chief operating officer directly owned 10,000 shares in the company, valued at approximately $2,086,500. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Herriot Tabuteau sold 4,660 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $213.95, for a total value of $997,007.00. Following the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at approximately $1,546,644.55. This represents a 39.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 59,664 shares of company stock worth $12,624,805 in the last 90 days. Company insiders own 20.60% of the company's stock.

Institutional Investors Weigh In On Axsome Therapeutics

A number of large investors have recently added to or reduced their stakes in AXSM. BlackRock Inc. purchased a new stake in shares of Axsome Therapeutics during the 2nd quarter worth approximately $759,695,000. First Trust Advisors LP raised its holdings in shares of Axsome Therapeutics by 1,230.2% in the first quarter. First Trust Advisors LP now owns 577,479 shares of the company's stock worth $97,606,000 after buying an additional 534,066 shares during the period. Bank of America Corp DE bought a new stake in Axsome Therapeutics during the 2nd quarter valued at about $110,756,000. Assenagon Asset Management S.A. increased its holdings in Axsome Therapeutics by 85.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 865,958 shares of the company's stock worth $146,364,000 after purchasing an additional 397,976 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in Axsome Therapeutics during the 2nd quarter valued at about $55,171,000. Institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company uses differentiated product candidates and targeted mechanisms to address conditions with significant unmet medical needs, including depression, sleep disorders, migraine, and other neurological or psychiatric diseases.

Axsome's lead commercial product is Auvelity (dextromethorphan hydrobromide and bupropion hydrochloride), an oral medicine approved in the United States for the treatment of major depressive disorder in adults.

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