Axsome Therapeutics (NASDAQ:AXSM) Shares Up 5.6% After Strong Earnings

by · The Markets Daily

Axsome Therapeutics, Inc. (NASDAQ:AXSM – Get Free Report) shares shot up 5.6% during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $117.60 and last traded at $118.54. 231,459 shares were traded during mid-day trading, a decline of 66% from the average session volume of 683,737 shares. The stock had previously closed at $112.21.

The company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.23) by $0.43. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%.

Wall Street Analyst Weigh In

AXSM has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on Axsome Therapeutics from $125.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and set a $200.00 target price on shares of Axsome Therapeutics in a research report on Thursday, April 3rd. Truist Financial increased their price target on shares of Axsome Therapeutics from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Robert W. Baird upped their target price on shares of Axsome Therapeutics from $132.00 to $160.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, William Blair restated an “outperform” rating on shares of Axsome Therapeutics in a research report on Tuesday, February 18th. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $169.87.

Read Our Latest Report on Axsome Therapeutics

Insider Buying and Selling

In other Axsome Therapeutics news, CFO Nick Pizzie sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $131.07, for a total transaction of $393,210.00. Following the transaction, the chief financial officer now owns 42,187 shares in the company, valued at approximately $5,529,450.09. This represents a 6.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 22.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Edgestream Partners L.P. bought a new position in Axsome Therapeutics during the 1st quarter valued at approximately $8,174,000. New York State Common Retirement Fund increased its holdings in shares of Axsome Therapeutics by 49.3% during the first quarter. New York State Common Retirement Fund now owns 33,581 shares of the company’s stock valued at $3,917,000 after acquiring an additional 11,090 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in Axsome Therapeutics by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 39,623 shares of the company’s stock worth $4,621,000 after purchasing an additional 136 shares in the last quarter. Xponance Inc. grew its position in Axsome Therapeutics by 8.7% during the 1st quarter. Xponance Inc. now owns 2,891 shares of the company’s stock valued at $337,000 after purchasing an additional 232 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Axsome Therapeutics by 15.5% during the 1st quarter. Cerity Partners LLC now owns 5,707 shares of the company’s stock valued at $666,000 after purchasing an additional 766 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Trading Up 5.1 %

The stock has a market cap of $5.80 billion, a P/E ratio of -19.64 and a beta of 0.46. The company has a debt-to-equity ratio of 3.22, a current ratio of 2.11 and a quick ratio of 2.04. The firm’s 50 day moving average price is $113.58 and its 200-day moving average price is $104.02.

Axsome Therapeutics Company Profile

(Get Free Report)

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.

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