Axsome Therapeutics (NASDAQ:AXSM) Stock Price Up 5.9% - Time to Buy?

Key Points

• Axsome Therapeutics shares rose 5.9% to about $141.93 in mid-day trading, though trading volume was 26% below its average.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $267.58; recent target changes ranged from Baird’s cut to $220 to Needham’s increase to $268.
• The company beat quarterly estimates, reporting a loss of $0.25 per share versus expectations of $0.63 and revenue of $259.69 million, up 51.9% year over year.

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) shot up 5.9% during mid-day trading on Tuesday. The company traded as high as $142.84 and last traded at $141.9250. 584,541 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 789,292 shares. The stock had previously closed at $133.96.

Analysts Set New Price Targets

AXSM has been the subject of a number of analyst reports. HC Wainwright restated a "buy" rating on shares of Axsome Therapeutics in a research note on Friday, September 25th. Robert W. Baird lowered their price objective on Axsome Therapeutics from $246.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Axsome Therapeutics in a report on Thursday, October 15th. Morgan Stanley raised their target price on Axsome Therapeutics from $247.00 to $249.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 3rd. Finally, Needham & Company LLC boosted their price target on Axsome Therapeutics from $267.00 to $268.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $267.58.

Axsome Therapeutics Stock Up 5.9%

The firm has a market cap of $7.46 billion, a price-to-earnings ratio of -46.44 and a beta of 0.86. The business's 50-day moving average is $176.31 and its 200-day moving average is $197.60. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.34 and a current ratio of 1.42.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.25) EPS for the quarter, beating analysts' consensus estimates of ($0.63) by $0.38. The firm had revenue of $259.69 million for the quarter, compared to analyst estimates of $249.19 million. Axsome Therapeutics had a negative net margin of 18.18% and a negative return on equity of 198.73%. The company's revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.94) earnings per share. On average, equities analysts predict that Axsome Therapeutics, Inc. will post -2.57 EPS for the current year.

Insider Activity

In other news, COO Mark Jacobson sold 10,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief operating officer directly owned 10,000 shares of the company's stock, valued at $2,086,500. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 20.60% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management increased its stake in shares of Axsome Therapeutics by 400.0% in the first quarter. Hollencrest Capital Management now owns 200 shares of the company's stock valued at $34,000 after buying an additional 160 shares in the last quarter. ABS Investment Management LLC bought a new stake in Axsome Therapeutics during the 2nd quarter worth about $171,339,000. ABS Direct Equity Fund LLC bought a new stake in Axsome Therapeutics during the 2nd quarter worth about $60,000. Jacobi Capital Management LLC bought a new stake in Axsome Therapeutics during the 3rd quarter worth about $47,000. Finally, Silvant Capital Management LLC acquired a new stake in Axsome Therapeutics in the 2nd quarter valued at about $66,000. Institutional investors own 81.49% of the company's stock.

Axsome Therapeutics Company Profile

Axsome Therapeutics is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system disorders. The company is headquartered in New York and is led by founder, chairman and chief executive officer Herriot Tabuteau. Its marketed products include Auvelity, an oral treatment for major depressive disorder in adults, and Sunosi, which is used to improve wakefulness in adults with excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

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