Sofinnova Investments Inc. Takes Position in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Sofinnova Investments Inc. acquired a new position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 310,198 shares of the company’s stock, valued at approximately $24,971,000. Axsome Therapeutics comprises 1.3% of Sofinnova Investments Inc.’s portfolio, making the stock its 20th largest holding.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Axsome Therapeutics by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 295,701 shares of the company’s stock valued at $23,535,000 after purchasing an additional 5,830 shares during the last quarter. Jump Financial LLC acquired a new stake in Axsome Therapeutics during the fourth quarter worth about $669,000. Principal Financial Group Inc. raised its holdings in shares of Axsome Therapeutics by 1.3% in the 4th quarter. Principal Financial Group Inc. now owns 9,497 shares of the company’s stock worth $756,000 after purchasing an additional 120 shares during the period. Norges Bank acquired a new position in shares of Axsome Therapeutics in the 4th quarter valued at about $15,530,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Axsome Therapeutics during the 4th quarter worth about $308,000. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Axsome Therapeutics

In related news, COO Mark L. Jacobson sold 47,739 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the sale, the chief operating officer now directly owns 5,783 shares of the company’s stock, valued at $487,275.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, COO Mark L. Jacobson sold 47,739 shares of Axsome Therapeutics stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the transaction, the chief operating officer now owns 5,783 shares in the company, valued at approximately $487,275.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark E. Saad sold 11,016 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the sale, the director now directly owns 10,002 shares in the company, valued at $913,282.62. The disclosure for this sale can be found here. Corporate insiders own 22.40% of the company’s stock.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock opened at $92.41 on Tuesday. Axsome Therapeutics, Inc. has a 52 week low of $55.02 and a 52 week high of $98.40. The company has a current ratio of 2.48, a quick ratio of 2.40 and a debt-to-equity ratio of 1.77. The stock has a market cap of $4.39 billion, a P/E ratio of -14.48 and a beta of 1.25. The stock has a 50 day moving average of $87.10 and a 200-day moving average of $79.23.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, August 5th. The company reported ($1.24) EPS for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.06. The firm had revenue of $87.17 million for the quarter, compared to the consensus estimate of $84.53 million. Axsome Therapeutics had a negative net margin of 105.85% and a negative return on equity of 117.46%. On average, analysts expect that Axsome Therapeutics, Inc. will post -4.73 EPS for the current fiscal year.

Analyst Ratings Changes

AXSM has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $180.00 price target on shares of Axsome Therapeutics in a research report on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $107.00 price target on shares of Axsome Therapeutics in a research report on Monday. Royal Bank of Canada lowered their price target on Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $130.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, September 5th. Finally, Wells Fargo & Company started coverage on Axsome Therapeutics in a research note on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 target price for the company. One research analyst has rated the stock with a sell rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $124.57.

Axsome Therapeutics Profile

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.