Royal Bank Of Canada Issues Positive Forecast for Axsome Therapeutics (NASDAQ:AXSM) Stock Price

Key Points

• Royal Bank of Canada has increased its price target for Axsome Therapeutics (NASDAQ:AXSM) from $184.00 to $189.00, suggesting a potential upside of 77.40% from the current price.
• Multiple research firms have issued favorable ratings for Axsome, with a consensus rating of Buy and an average price target of $172.53.
• Insider transactions include significant sales, with executives selling shares valued at over $9 million in the last quarter, which may indicate a shift in their holdings.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its target price increased by research analysts at Royal Bank Of Canada from $184.00 to $189.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective indicates a potential upside of 83.03% from the stock's current price.

A number of other research analysts have also recently commented on AXSM. Robert W. Baird upped their price target on shares of Axsome Therapeutics from $160.00 to $162.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Cantor Fitzgerald raised Axsome Therapeutics to a "strong-buy" rating in a research report on Wednesday, May 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $150.00 price objective on shares of Axsome Therapeutics in a research note on Monday. HC Wainwright reiterated a "buy" rating and set a $180.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, June 10th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $165.00 price objective (up from $160.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $178.00.

Axsome Therapeutics Stock Down 0.3%

Shares of NASDAQ AXSM opened at $103.26 on Tuesday. The firm's 50-day moving average price is $105.87 and its 200-day moving average price is $110.65. The company has a current ratio of 1.57, a quick ratio of 1.96 and a debt-to-equity ratio of 1.66. Axsome Therapeutics has a 12-month low of $75.56 and a 12-month high of $139.13. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of -20.37 and a beta of 0.51.

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

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, Director Mark Coleman sold 3,750 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total transaction of $395,512.50. Following the transaction, the director directly owned 50,387 shares of the company's stock, valued at $5,314,316.89. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Hunter R. Murdock sold 6,014 shares of Axsome Therapeutics stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $100.12, for a total value of $602,121.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,437 shares of company stock valued at $9,834,215. 22.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Axsome Therapeutics in the 1st quarter worth $25,000. Quantbot Technologies LP acquired a new position in Axsome Therapeutics in the first quarter valued at approximately $31,000. NBC Securities Inc. acquired a new stake in Axsome Therapeutics during the first quarter worth $31,000. AlphaQuest LLC acquired a new stake in shares of Axsome Therapeutics during the 1st quarter worth about $38,000. Finally, Neo Ivy Capital Management acquired a new position in Axsome Therapeutics in the first quarter valued at about $41,000. 81.49% of the stock is currently owned by institutional investors and hedge funds.

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.