Axsome Therapeutics’ (AXSM) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a $154.00 target price on the stock.

AXSM has been the topic of a number of other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Wednesday, October 8th. Royal Bank Of Canada lifted their price objective on Axsome Therapeutics from $184.00 to $189.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Bank of America lifted their price target on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Morgan Stanley increased their target price on shares of Axsome Therapeutics from $191.00 to $194.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Finally, Wells Fargo & Company raised Axsome Therapeutics to a “strong-buy” rating in a report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Axsome Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.88.

Axsome Therapeutics Trading Up 2.7%

AXSM opened at $139.41 on Tuesday. Axsome Therapeutics has a one year low of $75.56 and a one year high of $141.36. 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 business has a 50 day simple moving average of $124.37 and a two-hundred day simple moving average of $113.37. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of -27.50 and a beta of 0.50.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). The company had revenue of $170.99 million during the quarter, compared to the consensus estimate of $162.96 million. Axsome Therapeutics had a negative return on equity of 283.22% and a negative net margin of 49.88%.Axsome Therapeutics’s quarterly revenue was up 63.2% compared to the same quarter last year. Analysts predict that Axsome Therapeutics will post -2.79 EPS for the current year.

Insider Buying and Selling

In other news, CEO Herriot Tabuteau sold 91,705 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $132.34, for a total transaction of $12,136,239.70. Following the transaction, the chief executive officer owned 7,229 shares in the company, valued at approximately $956,685.86. This trade represents a 92.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Roger Jeffs sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $121.60, for a total transaction of $2,432,000.00. Following the transaction, the director directly owned 90,974 shares in the company, valued at $11,062,438.40. This trade represents a 18.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 407,271 shares of company stock valued at $50,640,415 over the last quarter. 22.30% of the stock is owned by corporate insiders.

Institutional Trading of Axsome Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in AXSM. Norges Bank purchased a new stake in Axsome Therapeutics during the 2nd quarter worth approximately $48,889,000. Nuveen LLC acquired a new stake in Axsome Therapeutics during the 1st quarter valued at approximately $48,185,000. Adage Capital Partners GP L.L.C. boosted its holdings 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 valued at $46,662,000 after purchasing an additional 399,000 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in Axsome Therapeutics during the second quarter worth about $38,740,000. Finally, 1832 Asset Management L.P. acquired a new position in Axsome Therapeutics in the first quarter valued at approximately $42,360,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

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.