Peregrine Capital Management LLC Cuts Stock Position in Axsome Therapeutics, Inc. $AXSM

Peregrine Capital Management LLC decreased its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 12.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 64,521 shares of the company’s stock after selling 8,947 shares during the quarter. Peregrine Capital Management LLC’s holdings in Axsome Therapeutics were worth $7,836,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Axsome Therapeutics by 5.8% during the 2nd quarter. Geode Capital Management LLC now owns 989,453 shares of the company’s stock worth $103,303,000 after buying an additional 54,600 shares in the last quarter. State Street Corp grew its stake in shares of Axsome Therapeutics by 5.8% in the second quarter. State Street Corp now owns 958,503 shares of the company’s stock worth $100,058,000 after acquiring an additional 52,483 shares in the last quarter. Bank of America Corp DE increased its position in shares of Axsome Therapeutics by 41.1% during the second quarter. Bank of America Corp DE now owns 753,429 shares of the company’s stock worth $78,650,000 after acquiring an additional 219,527 shares during the period. Man Group plc raised its stake in shares of Axsome Therapeutics by 2.3% in the second quarter. Man Group plc now owns 525,069 shares of the company’s stock valued at $54,812,000 after acquiring an additional 11,848 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Axsome Therapeutics in the second quarter valued at $48,889,000. Institutional investors and hedge funds own 81.49% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Oppenheimer reissued an “outperform” rating and set a $220.00 target price on shares of Axsome Therapeutics in a research note on Wednesday, December 31st. Guggenheim reissued a “buy” rating and set a $205.00 price objective on shares of Axsome Therapeutics in a research report on Friday, January 2nd. UBS Group upped their target price on shares of Axsome Therapeutics from $163.00 to $248.00 and gave the stock a “buy” rating in a research note on Tuesday. HC Wainwright lifted their price target on shares of Axsome Therapeutics from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $225.00 price target on shares of Axsome Therapeutics in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $192.35.

Axsome Therapeutics Price Performance

AXSM stock opened at $169.38 on Friday. The business has a 50 day moving average price of $150.91 and a 200 day moving average price of $127.82. The company has a quick ratio of 1.50, a current ratio of 1.57 and a debt-to-equity ratio of 1.66. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of -36.27, a PEG ratio of 8.83 and a beta of 0.44. Axsome Therapeutics, Inc. has a fifty-two week low of $79.19 and a fifty-two week high of $184.40.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). The company had revenue of $170.99 million for the quarter, compared to analyst estimates of $162.96 million. Axsome Therapeutics had a negative return on equity of 277.31% and a negative net margin of 40.90%.Axsome Therapeutics’s quarterly revenue was up 63.2% compared to the same quarter last year. Equities research analysts anticipate that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 91,705 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $132.34, for a total transaction of $12,136,239.70. Following the transaction, the chief executive officer owned 7,229 shares of the company’s stock, valued at approximately $956,685.86. This trade represents a 92.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark E. Saad sold 37,577 shares of Axsome Therapeutics stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $165.18, for a total value of $6,206,968.86. Following the sale, the director owned 10,002 shares in the company, valued at $1,652,130.36. This trade represents a 78.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 420,903 shares of company stock worth $63,552,838 over the last ninety days. Insiders own 22.30% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.