Axsome Therapeutics (NASDAQ:AXSM) Price Target Raised to $249.00

Axsome Therapeutics (NASDAQ:AXSM) had its target price increased by Morgan Stanley from $247.00 to $249.00 in a report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also issued reports on AXSM. Mizuho upped their target price on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Royal Bank Of Canada decreased their price target on shares of Axsome Therapeutics from $295.00 to $273.00 and set an “outperform” rating on the stock in a research note on Tuesday. Wells Fargo & Company reissued an “outperform” rating on shares of Axsome Therapeutics in a research note on Tuesday. Needham & Company LLC boosted their price target on shares of Axsome Therapeutics from $267.00 to $268.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $267.58.

Axsome Therapeutics Stock Down 5.3%

Shares of AXSM opened at $129.80 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 1.34 and a debt-to-equity ratio of 1.21. Axsome Therapeutics has a one year low of $123.00 and a one year high of $260.19. The stock has a 50 day moving average price of $179.09 and a 200 day moving average price of $198.13.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, November 2nd. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.38. The firm had revenue of $259.69 million during the quarter, compared to the consensus estimate of $249.19 million. Axsome Therapeutics had a negative return on equity of 198.73% and a negative net margin of 18.18%. The firm’s revenue was up 51.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.94) EPS. As a group, analysts forecast that Axsome Therapeutics will post -2.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Mark Jacobson sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the transaction, the chief operating officer directly owned 10,000 shares in the company, valued at approximately $2,086,500. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 20.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Axsome Therapeutics in the second quarter worth $759,695,000. First Trust Advisors LP raised its stake in shares of Axsome Therapeutics by 1,230.2% in the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock valued at $97,606,000 after acquiring an additional 534,066 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Axsome Therapeutics by 12.9% in the third quarter. Pictet Asset Management Holding SA now owns 481,524 shares of the company’s stock valued at $88,789,000 after purchasing an additional 54,997 shares during the period. Bank of America Corp DE purchased a new position in Axsome Therapeutics in the second quarter valued at $110,756,000. Finally, Canada Pension Plan Investment Board acquired a new position in Axsome Therapeutics during the 2nd quarter worth $55,171,000. Institutional investors and hedge funds own 81.49% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.