Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 97,698 Axsome Therapeutics, Inc. $AXSM

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 97,698 shares of the company’s stock, valued at approximately $23,914,000. Connor Clark & Lunn Investment Management Ltd. owned 0.19% of Axsome Therapeutics as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of AXSM. Kemnay Advisory Services Inc. purchased a new position in Axsome Therapeutics during the fourth quarter worth approximately $31,000. Hollencrest Capital Management raised its stake in shares of Axsome Therapeutics by 400.0% during the 1st quarter. Hollencrest Capital Management now owns 200 shares of the company’s stock worth $34,000 after buying an additional 160 shares during the period. Ameriflex Group Inc. acquired a new position in shares of Axsome Therapeutics during the 4th quarter worth approximately $37,000. Advisory Services Network LLC purchased a new position in shares of Axsome Therapeutics during the 3rd quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Axsome Therapeutics by 602.6% during the 4th quarter. Farther Finance Advisors LLC now owns 274 shares of the company’s stock valued at $50,000 after buying an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Price Performance

AXSM stock opened at $205.40 on Tuesday. Axsome Therapeutics, Inc. has a 1 year low of $112.90 and a 1 year high of $260.19. The firm has a market capitalization of $10.76 billion, a PE ratio of -54.77 and a beta of 0.65. The business has a 50 day simple moving average of $231.17 and a 200-day simple moving average of $206.29. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%.The company had revenue of $218.38 million for the quarter, compared to analysts’ expectations of $221.11 million. Equities research analysts anticipate that Axsome Therapeutics, Inc. will post -2.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

AXSM has been the subject of several recent analyst reports. Oppenheimer set a $280.00 price target on shares of Axsome Therapeutics in a report on Monday, May 4th. Robert W. Baird increased their price objective on shares of Axsome Therapeutics from $241.00 to $246.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Truist Financial raised shares of Axsome Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Piper Sandler restated an “overweight” rating and set a $258.00 price target on shares of Axsome Therapeutics in a research report on Monday, May 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $272.00 price target on shares of Axsome Therapeutics in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $267.60.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, Director Mark Coleman sold 643 shares of Axsome Therapeutics stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $249.00, for a total value of $160,107.00. Following the sale, the director owned 30,389 shares in the company, valued at $7,566,861. The trade was a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Roger Jeffs sold 286 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $246.18, for a total transaction of $70,407.48. Following the completion of the sale, the director owned 58,653 shares in the company, valued at approximately $14,439,195.54. This trade represents a 0.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 200,766 shares of company stock valued at $46,685,646 over the last 90 days. Corporate insiders own 20.60% of the company’s stock.

Axsome Therapeutics Profile

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.