Axsome Therapeutics (AXSM) Stock Price Down 36%

Axsome Therapeutics Inc (NASDAQ:AXSM)’s share price dropped 36% on Wednesday . The stock traded as low as $3.20 and last traded at $3.55. Approximately 4,146,200 shares changed hands during trading, an increase of 262% from the average daily volume of 1,146,000 shares. The stock had previously closed at $5.55.

A number of research firms recently issued reports on AXSM. Zacks Investment Research upgraded Axsome Therapeutics from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a report on Monday, January 1st. Cantor Fitzgerald set a $13.00 price objective on Axsome Therapeutics and gave the company a “buy” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $16.90.

The company has a market cap of $86.53 and a PE ratio of -2.50. The company has a current ratio of 3.86, a quick ratio of 3.86 and a debt-to-equity ratio of 0.44.

A number of large investors have recently made changes to their positions in AXSM. JPMorgan Chase & Co. increased its holdings in shares of Axsome Therapeutics by 1.6% in the third quarter. JPMorgan Chase & Co. now owns 1,459,117 shares of the company’s stock valued at $8,026,000 after purchasing an additional 23,229 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Axsome Therapeutics by 118.7% in the second quarter. Goldman Sachs Group Inc. now owns 67,618 shares of the company’s stock worth $372,000 after buying an additional 36,698 shares during the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in shares of Axsome Therapeutics in the second quarter worth about $188,000. 23.62% of the stock is currently owned by institutional investors.

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Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in developing therapies for the management of central nervous system (CNS) disorders, including pain. It operates in the business of developing novel therapies for the management of CNS disorders segment. Its product candidate, AXS-02 (disodium zoledronate tetrahydrate), is an oral, targeted, non opioid therapeutic for chronic pain.

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