Axsome Therapeutics (NASDAQ:AXSM) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research report report published on Monday morning, Benzinga reports. They currently have a $131.00 price objective on the stock.

Several other analysts also recently issued reports on the company. Needham & Company LLC began coverage on Axsome Therapeutics in a report on Monday. They set a buy rating and a $130.00 price objective on the stock. Citigroup cut their price target on shares of Axsome Therapeutics from $127.00 to $125.00 and set a buy rating on the stock in a report on Tuesday, May 7th. Truist Financial reaffirmed a buy rating and issued a $150.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, March 26th. Bank of America cut their target price on shares of Axsome Therapeutics from $97.00 to $95.00 and set a neutral rating on the stock in a research note on Thursday, July 18th. Finally, Morgan Stanley upgraded Axsome Therapeutics from an equal weight rating to an overweight rating and increased their target price for the company from $90.00 to $115.00 in a report on Monday, April 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $123.85.

Axsome Therapeutics Trading Up 0.9 %

Shares of NASDAQ:AXSM opened at $85.98 on Monday. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -13.48 and a beta of 1.26. Axsome Therapeutics has a 1-year low of $55.02 and a 1-year high of $98.40. The company has a 50 day moving average price of $78.34 and a 200 day moving average price of $79.55. The company has a debt-to-equity ratio of 1.25, a quick ratio of 3.09 and a current ratio of 3.20.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Monday, May 6th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.11. Axsome Therapeutics had a negative return on equity of 87.17% and a negative net margin of 118.07%. The business had revenue of $75.00 million for the quarter, compared to analysts’ expectations of $69.91 million. On average, research analysts anticipate that Axsome Therapeutics will post -4.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Mark Coleman sold 5,249 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $75.21, for a total transaction of $394,777.29. Following the transaction, the director now owns 19,848 shares of the company’s stock, valued at $1,492,768.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, COO Mark L. Jacobson sold 7,910 shares of Axsome Therapeutics stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $74.31, for a total value of $587,792.10. Following the completion of the sale, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $429,734.73. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark Coleman sold 5,249 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $75.21, for a total transaction of $394,777.29. Following the transaction, the director now directly owns 19,848 shares in the company, valued at $1,492,768.08. The disclosure for this sale can be found here. 22.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Axsome Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Avidity Partners Management LP lifted its stake in shares of Axsome Therapeutics by 54.8% in the fourth quarter. Avidity Partners Management LP now owns 459,400 shares of the company’s stock worth $36,564,000 after buying an additional 162,600 shares during the last quarter. Phocas Financial Corp. bought a new position in Axsome Therapeutics in the 4th quarter worth $2,140,000. Jump Financial LLC acquired a new position in Axsome Therapeutics during the 4th quarter worth $669,000. Affinity Asset Advisors LLC bought a new stake in Axsome Therapeutics during the fourth quarter valued at about $3,980,000. Finally, Blair William & Co. IL grew its position in shares of Axsome Therapeutics by 645.9% in the first quarter. Blair William & Co. IL now owns 63,547 shares of the company’s stock valued at $5,071,000 after purchasing an additional 55,027 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.