Axsome Therapeutics (NASDAQ:AXSM) Stock Price Target Lowered at Morgan Stanley

Axsome Therapeutics (NASDAQ:AXSM) had its target price lowered by investment analysts at Morgan Stanley from $249.00 to $223.00 in a report released on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley‘s price target indicates a potential upside of 60.13% from the company’s previous close.

Several other brokerages have also recently weighed in on AXSM. Piper Sandler decreased their price objective on Axsome Therapeutics from $258.00 to $238.00 and set an “overweight” rating for the company in a report on Monday, October 26th. UBS Group dropped their target price on Axsome Therapeutics from $256.00 to $239.00 and set a “buy” rating on the stock in a report on Tuesday, November 3rd. HC Wainwright reissued a “buy” rating on shares of Axsome Therapeutics in a research report on Friday, September 25th. Truist Financial raised their price target on Axsome Therapeutics from $200.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, September 23rd. Finally, Robert W. Baird lowered their price target on Axsome Therapeutics from $246.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $266.21.

Axsome Therapeutics Stock Down 3.5%

Shares of NASDAQ AXSM traded down $5.11 during midday trading on Friday, reaching $139.26. The company’s stock had a trading volume of 313,672 shares, compared to its average volume of 792,511. The stock has a 50 day simple moving average of $172.78 and a 200-day simple moving average of $196.98. The company has a current ratio of 1.42, a quick ratio of 1.34 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $7.33 billion, a price-to-earnings ratio of -45.86 and a beta of 0.86. Axsome Therapeutics has a fifty-two week low of $123.00 and a fifty-two week high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM) last announced its earnings results on Monday, November 2nd. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.38. The business had revenue of $259.69 million during the quarter, compared to analysts’ expectations of $249.19 million. Axsome Therapeutics had a negative net margin of 18.18% and a negative return on equity of 198.73%. The firm’s revenue was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.94) earnings per share. Equities research analysts predict that Axsome Therapeutics will post -2.27 earnings per share for the current year.

Insider Activity at Axsome Therapeutics

In other news, COO Mark Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the transaction, the chief operating officer owned 10,000 shares of the company’s stock, valued at $2,086,500. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 20.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds have recently bought and sold shares of AXSM. BlackRock Inc. bought a new position in Axsome Therapeutics during the second quarter worth about $759,695,000. First Trust Advisors LP increased its position in Axsome Therapeutics by 1,230.2% during the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock worth $97,606,000 after buying an additional 534,066 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Axsome Therapeutics by 12.9% during the third quarter. Pictet Asset Management Holding SA now owns 481,524 shares of the company’s stock worth $88,789,000 after buying an additional 54,997 shares during the last quarter. Bank of America Corp DE bought a new stake in Axsome Therapeutics in the second quarter valued at approximately $110,756,000. Finally, Canada Pension Plan Investment Board bought a new stake in Axsome Therapeutics in the second quarter valued at approximately $55,171,000. 81.49% of the stock is currently owned by institutional investors and hedge funds.

About Axsome Therapeutics

Axsome Therapeutics is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system disorders. The company is headquartered in New York and is led by founder, chairman and chief executive officer Herriot Tabuteau. Its marketed products include Auvelity, an oral treatment for major depressive disorder in adults, and Sunosi, which is used to improve wakefulness in adults with excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.