Cantor Fitzgerald Reaffirms “Overweight” Rating for Axsome Therapeutics (NASDAQ:AXSM)

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $107.00 target price on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 13.93% from the stock’s previous close.

A number of other brokerages have also issued reports on AXSM. Royal Bank of Canada cut their price objective on shares of Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Mizuho reiterated a “buy” rating and issued a $106.00 price target on shares of Axsome Therapeutics in a report on Wednesday, June 12th. Wells Fargo & Company began coverage on shares of Axsome Therapeutics in a report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $180.00 target price on shares of Axsome Therapeutics in a report on Thursday, September 5th. Finally, Bank of America raised Axsome Therapeutics from a “neutral” rating to a “buy” rating and increased their price target for the company from $95.00 to $106.00 in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $124.57.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM traded up $0.25 during mid-day trading on Monday, reaching $93.92. 158,575 shares of the company traded hands, compared to its average volume of 657,545. The firm has a market cap of $4.46 billion, a PE ratio of -14.72 and a beta of 1.25. Axsome Therapeutics has a 52 week low of $55.02 and a 52 week high of $98.40. The company’s 50 day moving average price is $86.92 and its 200-day moving average price is $79.15. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.48 and a quick ratio of 2.40.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, August 5th. The company reported ($1.24) EPS for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.06. The business had revenue of $87.17 million for the quarter, compared to analysts’ expectations of $84.53 million. Axsome Therapeutics had a negative return on equity of 117.46% and a negative net margin of 105.85%. On average, equities analysts expect that Axsome Therapeutics will post -4.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Mark E. Saad sold 11,016 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the sale, the director now owns 10,002 shares of the company’s stock, valued at $913,282.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Mark E. Saad sold 11,016 shares of Axsome Therapeutics stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $91.31, for a total transaction of $1,005,870.96. Following the completion of the sale, the director now directly owns 10,002 shares in the company, valued at $913,282.62. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Mark L. Jacobson sold 47,739 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the sale, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. The disclosure for this sale can be found here. 22.40% of the stock is owned by insiders.

Institutional Trading of Axsome Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of AXSM. Perceptive Advisors LLC lifted its position in shares of Axsome Therapeutics by 115.5% in the fourth quarter. Perceptive Advisors LLC now owns 1,038,019 shares of the company’s stock valued at $82,616,000 after acquiring an additional 556,370 shares in the last quarter. Sofinnova Investments Inc. acquired a new stake in shares of Axsome Therapeutics during the second quarter worth about $24,971,000. Point72 Asset Management L.P. lifted its position 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 worth $66,633,000 after purchasing an additional 305,264 shares during the last quarter. Tri Locum Partners LP boosted its position in shares of Axsome Therapeutics by 198.4% during the 2nd quarter. Tri Locum Partners LP now owns 306,513 shares of the company’s stock worth $24,674,000 after acquiring an additional 203,802 shares in the last quarter. Finally, Norges Bank acquired a new stake in Axsome Therapeutics during the fourth quarter worth approximately $15,530,000. 81.49% of the stock is owned by institutional investors and hedge funds.

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.