Axsome Therapeutics (NASDAQ:AXSM) Posts Earnings Results, Misses Expectations By $0.12 EPS

Axsome Therapeutics (NASDAQ:AXSM) announced its quarterly earnings results on Monday. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.12), Zacks reports. The company had revenue of $170.99 million during the quarter, compared to analysts’ expectations of $162.96 million. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. The company’s quarterly revenue was up 63.2% compared to the same quarter last year.

Axsome Therapeutics Price Performance

Shares of NASDAQ AXSM opened at $134.99 on Monday. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.57 and a quick ratio of 1.51. The stock has a fifty day moving average price of $123.08 and a 200 day moving average price of $112.59. Axsome Therapeutics has a 1-year low of $75.56 and a 1-year high of $139.13. The company has a market cap of $6.74 billion, a PE ratio of -26.63 and a beta of 0.52.

Insider Buying and Selling

In related news, COO Mark L. Jacobson sold 10,000 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $115.96, for a total transaction of $1,159,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Coleman purchased 1,575 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The shares were bought at an average cost of $127.28 per share, with a total value of $200,466.00. Following the completion of the acquisition, the director owned 48,212 shares of the company’s stock, valued at approximately $6,136,423.36. This trade represents a 3.38% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 243,332 shares of company stock valued at $28,824,746 in the last ninety days. Company insiders own 22.30% of the company’s stock.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds have recently modified their holdings of AXSM. State Street Corp raised its position in Axsome Therapeutics by 5.8% in the second quarter. State Street Corp now owns 958,503 shares of the company’s stock worth $100,058,000 after acquiring an additional 52,483 shares in the last quarter. Bank of America Corp DE raised its position in Axsome Therapeutics by 41.1% in the second quarter. Bank of America Corp DE now owns 753,429 shares of the company’s stock worth $78,650,000 after acquiring an additional 219,527 shares in the last quarter. Man Group plc raised its position in Axsome Therapeutics by 2.3% in the second quarter. Man Group plc now owns 525,069 shares of the company’s stock worth $54,812,000 after acquiring an additional 11,848 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in Axsome Therapeutics by 831.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 447,000 shares of the company’s stock worth $46,662,000 after acquiring an additional 399,000 shares in the last quarter. Finally, Orbimed Advisors LLC raised its position in Axsome Therapeutics by 10.7% in the second quarter. Orbimed Advisors LLC now owns 427,900 shares of the company’s stock worth $44,668,000 after acquiring an additional 41,200 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AXSM has been the topic of several recent analyst reports. Morgan Stanley increased their price target on shares of Axsome Therapeutics from $191.00 to $194.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Wednesday, October 8th. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price target on shares of Axsome Therapeutics in a research note on Monday, August 4th. Wells Fargo & Company upgraded shares of Axsome Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 3rd. Finally, Bank of America increased their price objective on Axsome Therapeutics from $173.00 to $176.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $178.20.

Axsome Therapeutics Company 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.