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

Needham & Company LLC reissued their buy rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a report issued on Tuesday,Benzinga reports. They currently have a $130.00 price target on the stock.

A number of other brokerages have also recently weighed in on AXSM. StockNews.com upgraded shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $107.00 price target on shares of Axsome Therapeutics in a research note on Monday, September 16th. Royal Bank of Canada increased their price objective on Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a report on Friday, October 4th. UBS Group reduced their price target on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Bank of America raised Axsome Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.00 to $106.00 in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Axsome Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $124.93.

Axsome Therapeutics Price Performance

Shares of Axsome Therapeutics stock opened at $97.37 on Tuesday. The company has a quick ratio of 2.40, a current ratio of 2.44 and a debt-to-equity ratio of 1.97. The firm has a market cap of $4.62 billion, a PE ratio of -14.96 and a beta of 1.26. The business has a 50-day moving average price of $90.59 and a 200 day moving average price of $84.05. Axsome Therapeutics has a twelve month low of $56.66 and a twelve month high of $105.00.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. Axsome Therapeutics had a negative net margin of 91.87% and a negative return on equity of 158.36%. The firm had revenue of $104.76 million for the quarter, compared to analyst estimates of $98.71 million. During the same period in the previous year, the business posted ($1.32) earnings per share. Sell-side analysts predict that Axsome Therapeutics will post -5.12 earnings per share for the current fiscal year.

Insider Activity

In other Axsome Therapeutics 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 transaction 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 trade was a 52.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 22.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AXSM. Northwestern Mutual Wealth Management Co. bought a new position in Axsome Therapeutics during the 2nd quarter valued at $27,000. EntryPoint Capital LLC acquired a new position in Axsome Therapeutics during the first quarter worth about $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Axsome Therapeutics in the 2nd quarter valued at about $47,000. Russell Investments Group Ltd. boosted its position in shares of Axsome Therapeutics by 5,550.0% during the 1st quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock valued at $63,000 after purchasing an additional 777 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Axsome Therapeutics by 54,750.0% in the 1st quarter. Covestor Ltd now owns 1,097 shares of the company’s stock worth $88,000 after purchasing an additional 1,095 shares during the last quarter. Institutional investors and hedge funds 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.