Pitcairn Co. Cuts Position in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Pitcairn Co. decreased its holdings in Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 5.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,674 shares of the company’s stock after selling 290 shares during the period. Pitcairn Co.’s holdings in Axsome Therapeutics were worth $373,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in Axsome Therapeutics by 1.3% in the fourth quarter. Principal Financial Group Inc. now owns 9,497 shares of the company’s stock valued at $756,000 after buying an additional 120 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Axsome Therapeutics by 0.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 17,999 shares of the company’s stock valued at $1,433,000 after buying an additional 135 shares during the period. Washington Trust Advisors Inc. purchased a new position in Axsome Therapeutics in the fourth quarter valued at approximately $26,000. Oak Ridge Investments LLC raised its holdings in Axsome Therapeutics by 2.7% in the first quarter. Oak Ridge Investments LLC now owns 15,930 shares of the company’s stock valued at $1,271,000 after buying an additional 413 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in Axsome Therapeutics by 9.5% in the first quarter. Janney Montgomery Scott LLC now owns 5,780 shares of the company’s stock valued at $461,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Stock Performance

Shares of AXSM traded up $0.75 during midday trading on Thursday, hitting $85.98. 380,774 shares of the stock traded hands, compared to its average volume of 709,988. Axsome Therapeutics, Inc. has a 1-year low of $55.02 and a 1-year high of $98.40. The firm has a market capitalization of $4.08 billion, a PE ratio of -13.36 and a beta of 1.26. The company has a debt-to-equity ratio of 1.25, a quick ratio of 3.09 and a current ratio of 3.20. The business’s 50 day moving average price is $78.16 and its two-hundred day moving average price is $79.50.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Monday, May 6th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.20) by $0.11. Axsome Therapeutics had a negative net margin of 118.07% and a negative return on equity of 87.17%. The company had revenue of $75.00 million during the quarter, compared to the consensus estimate of $69.91 million. Equities research analysts predict that Axsome Therapeutics, Inc. will post -4.66 EPS for the current fiscal year.

Insider Activity

In related news, Director Mark Coleman sold 5,249 shares of Axsome Therapeutics stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $75.21, for a total transaction of $394,777.29. Following the sale, the director now directly owns 19,848 shares in the company, valued at $1,492,768.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Mark Coleman sold 5,249 shares of Axsome Therapeutics stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $75.21, for a total transaction of $394,777.29. Following the sale, the director now directly owns 19,848 shares in the company, valued at $1,492,768.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Mark L. Jacobson sold 7,910 shares of Axsome Therapeutics stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $74.31, for a total transaction of $587,792.10. Following the sale, the chief operating officer now owns 5,783 shares in the company, valued at $429,734.73. The disclosure for this sale can be found here. Corporate insiders own 22.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on AXSM shares. Bank of America dropped their price objective on shares of Axsome Therapeutics from $97.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday, July 18th. Needham & Company LLC started coverage on shares of Axsome Therapeutics in a research note on Monday. They set a “buy” rating and a $130.00 price objective on the stock. Mizuho reiterated a “buy” rating and set a $106.00 price objective on shares of Axsome Therapeutics in a research note on Wednesday, June 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $107.00 price objective on shares of Axsome Therapeutics in a research note on Wednesday, April 10th. Finally, Citigroup dropped their price objective on shares of Axsome Therapeutics from $127.00 to $125.00 and set a “buy” rating on the stock in a research note on Tuesday, May 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.85.

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.