Axsome Therapeutics (NASDAQ:AXSM) Stock Price Down 3.3%

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares were down 3.3% during trading on Monday . The company traded as low as $92.63 and last traded at $92.63. Approximately 20,463 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 650,163 shares. The stock had previously closed at $95.84.

Wall Street Analyst Weigh In

AXSM has been the subject of several recent research reports. Wells Fargo & Company assumed coverage on Axsome Therapeutics in a research report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price target for the company. Royal Bank of Canada dropped their target price on Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Mizuho reaffirmed a “buy” rating and issued a $106.00 price target on shares of Axsome Therapeutics in a report on Wednesday, June 12th. Needham & Company LLC reiterated a “buy” rating and set a $130.00 price target on shares of Axsome Therapeutics in a research report on Thursday, September 5th. Finally, StockNews.com cut Axsome Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Axsome Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $124.57.

Axsome Therapeutics Stock Performance

The company has a current ratio of 2.48, a quick ratio of 2.40 and a debt-to-equity ratio of 1.77. The company has a fifty day moving average price of $88.23 and a two-hundred day moving average price of $79.93.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings data on Monday, August 5th. The company reported ($1.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.30) by $0.06. Axsome Therapeutics had a negative return on equity of 117.46% and a negative net margin of 105.85%. The company had revenue of $87.17 million for the quarter, compared to analyst estimates of $84.53 million. As a group, analysts expect that Axsome Therapeutics, Inc. will post -4.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Mark L. Jacobson sold 47,739 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $84.26, for a total value of $4,022,488.14. Following the transaction, the chief operating officer now directly owns 5,783 shares in the company, valued at $487,275.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Mark E. Saad sold 11,016 shares of the business’s stock in a transaction dated 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 directly owns 10,002 shares in the company, valued at approximately $913,282.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mark L. Jacobson sold 47,739 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the completion of the transaction, the chief operating officer now directly owns 5,783 shares in the company, 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 institutional investors have recently added to or reduced their stakes in AXSM. Principal Financial Group Inc. boosted its position in shares of Axsome Therapeutics by 1.3% during the fourth quarter. Principal Financial Group Inc. now owns 9,497 shares of the company’s stock worth $756,000 after buying an additional 120 shares during the period. Norges Bank acquired a new position in Axsome Therapeutics in the 4th quarter valued at about $15,530,000. TD Asset Management Inc acquired a new position in Axsome Therapeutics in the 4th quarter valued at about $1,273,000. Rhenman & Partners Asset Management AB increased its stake in Axsome Therapeutics by 97.3% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 79,100 shares of the company’s stock worth $6,296,000 after purchasing an additional 39,000 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Axsome Therapeutics by 0.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 17,999 shares of the company’s stock worth $1,433,000 after purchasing an additional 135 shares in the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.

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.