Axsome Therapeutics (NASDAQ:AXSM) Shares Gap Down – Here’s What Happened

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) gapped down prior to trading on Monday . The stock had previously closed at $86.70, but opened at $82.00. Axsome Therapeutics shares last traded at $79.42, with a volume of 1,141,458 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AXSM. StockNews.com upgraded Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. Mizuho dropped their price target on shares of Axsome Therapeutics from $124.00 to $122.00 and set an “outperform” rating on the stock in a research report on Tuesday. HC Wainwright reissued a “buy” rating on shares of Axsome Therapeutics in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 target price on shares of Axsome Therapeutics in a report on Monday. Finally, Robert W. Baird lifted their price target on Axsome Therapeutics from $112.00 to $116.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $127.07.

Axsome Therapeutics Trading Down 0.2 %

The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.37 and a current ratio of 2.44. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of -12.96 and a beta of 1.18. The business has a fifty day simple moving average of $93.10 and a 200 day simple moving average of $88.75.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.34) EPS for the quarter, beating the consensus estimate 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 business had revenue of $104.76 million for the quarter, compared to the consensus estimate of $98.71 million. During the same period in the prior year, the company posted ($1.32) earnings per share. As a group, research analysts expect that Axsome Therapeutics, Inc. will post -4.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AXSM. JPMorgan Chase & Co. grew its position in Axsome Therapeutics by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 212,110 shares of the company’s stock worth $19,062,000 after buying an additional 27,534 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Axsome Therapeutics by 47.5% during the 3rd quarter. Franklin Resources Inc. now owns 160,534 shares of the company’s stock valued at $13,713,000 after acquiring an additional 51,696 shares during the period. Geode Capital Management LLC grew its holdings in shares of Axsome Therapeutics by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 908,459 shares of the company’s stock worth $81,659,000 after purchasing an additional 23,564 shares in the last quarter. Barclays PLC increased its position in shares of Axsome Therapeutics by 279.6% in the third quarter. Barclays PLC now owns 61,785 shares of the company’s stock worth $5,552,000 after purchasing an additional 45,509 shares during the period. Finally, Wellington Management Group LLP raised its stake in Axsome Therapeutics by 1.1% in the third quarter. Wellington Management Group LLP now owns 742,745 shares of the company’s stock valued at $66,750,000 after purchasing an additional 8,125 shares in the last quarter. 81.49% of the stock is owned by institutional investors.

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.