Axsome Therapeutics (NASDAQ:AXSM) Raised to Buy at Bank of America

Bank of America upgraded shares of Axsome Therapeutics (NASDAQ:AXSM) from a neutral rating to a buy rating in a research note published on Tuesday, Marketbeat.com reports. Bank of America currently has $106.00 target price on the stock, up from their previous target price of $95.00.

Several other equities research analysts have also recently issued reports on AXSM. Needham & Company LLC restated a buy rating and set a $130.00 price objective on shares of Axsome Therapeutics in a report on Monday. Cantor Fitzgerald restated an overweight rating and issued a $107.00 price target on shares of Axsome Therapeutics in a report on Friday, July 26th. Citigroup cut their price objective on shares of Axsome Therapeutics from $127.00 to $125.00 and set a buy rating on the stock in a report on Tuesday, May 7th. Robert W. Baird boosted their target price on shares of Axsome Therapeutics from $108.00 to $112.00 and gave the company an outperform rating in a report on Tuesday, May 7th. Finally, Mizuho reaffirmed a buy rating and set a $106.00 price target on shares of Axsome Therapeutics in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Axsome Therapeutics has an average rating of Moderate Buy and an average target price of $123.38.

Axsome Therapeutics Price Performance

NASDAQ:AXSM opened at $85.00 on Tuesday. Axsome Therapeutics has a 12-month low of $55.02 and a 12-month high of $98.40. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -13.32 and a beta of 1.26. The company’s 50-day moving average is $79.95 and its two-hundred day moving average is $79.41. The company has a current ratio of 3.20, a quick ratio of 3.09 and a debt-to-equity ratio of 1.25.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings data 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 business had revenue of $75.00 million for the quarter, compared to the consensus estimate of $69.91 million. Research analysts expect that Axsome Therapeutics will post -4.65 EPS for the current year.

Insider Activity

In related news, Director Mark Coleman sold 5,249 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $75.21, for a total transaction of $394,777.29. Following the transaction, the director now directly owns 19,848 shares of the company’s stock, valued at approximately $1,492,768.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Mark L. Jacobson sold 7,910 shares of Axsome Therapeutics stock in a transaction on 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 of the company’s stock, valued at approximately $429,734.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark Coleman sold 5,249 shares of the company’s 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 completion of the transaction, the director now directly owns 19,848 shares of the company’s stock, valued at $1,492,768.08. The disclosure for this sale can be found here. Insiders own 22.40% of the company’s stock.

Institutional Trading of Axsome Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of AXSM. Vanguard Group Inc. boosted its holdings in Axsome Therapeutics by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,740,278 shares of the company’s stock valued at $298,474,000 after purchasing an additional 43,512 shares during the last quarter. Perceptive Advisors LLC raised its position in shares of Axsome Therapeutics by 115.5% in the 4th quarter. Perceptive Advisors LLC now owns 1,038,019 shares of the company’s stock valued at $82,616,000 after purchasing an additional 556,370 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Axsome Therapeutics by 57.4% during the 4th quarter. Point72 Asset Management L.P. now owns 837,201 shares of the company’s stock valued at $66,633,000 after buying an additional 305,264 shares during the last quarter. Bellevue Group AG grew its position in shares of Axsome Therapeutics by 7.9% during the first quarter. Bellevue Group AG now owns 685,476 shares of the company’s stock worth $54,701,000 after buying an additional 50,104 shares in the last quarter. Finally, Hood River Capital Management LLC increased its stake in shares of Axsome Therapeutics by 32.6% in the first quarter. Hood River Capital Management LLC now owns 520,750 shares of the company’s stock worth $41,556,000 after buying an additional 127,997 shares during the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

About Axsome Therapeutics

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.