Royal Bank of Canada Cuts Axsome Therapeutics (NASDAQ:AXSM) Price Target to $186.00

Axsome Therapeutics (NASDAQ:AXSM) had its price objective reduced by Royal Bank of Canada from $193.00 to $186.00 in a research note published on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

AXSM has been the topic of a number of other research reports. Jefferies Financial Group started coverage on shares of Axsome Therapeutics in a report on Monday, April 7th. They set a “buy” rating and a $200.00 price target on the stock. Mizuho upped their price objective on shares of Axsome Therapeutics from $212.00 to $216.00 and gave the company an “outperform” rating in a report on Thursday, March 27th. Needham & Company LLC dropped their price objective on shares of Axsome Therapeutics from $153.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, June 9th. HC Wainwright reissued a “buy” rating and set a $180.00 target price on shares of Axsome Therapeutics in a research report on Tuesday, June 10th. Finally, Morgan Stanley upped their price objective on shares of Axsome Therapeutics from $125.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $172.33.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM opened at $104.10 on Thursday. The company’s 50 day simple moving average is $106.45 and its 200 day simple moving average is $107.00. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of -17.38 and a beta of 0.47. Axsome Therapeutics has a 1 year low of $72.02 and a 1 year high of $139.13. The company has a debt-to-equity ratio of 3.22, a current ratio of 2.11 and a quick ratio of 2.04.

Insiders Place Their Bets

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 25,000 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $110.44, for a total value of $2,761,000.00. Following the completion of the transaction, the chief operating officer now directly owns 5,783 shares of the company’s stock, valued at $638,674.52. This trade represents a 81.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark Coleman sold 3,750 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $105.47, for a total transaction of $395,512.50. Following the completion of the transaction, the director now directly owns 50,387 shares of the company’s stock, valued at approximately $5,314,316.89. The trade was a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,423 shares of company stock worth $7,711,619 over the last 90 days. Corporate insiders own 22.30% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

A number of large investors have recently modified their holdings of AXSM. Caitong International Asset Management Co. Ltd purchased a new position in shares of Axsome Therapeutics during the 1st quarter valued at about $25,000. NBC Securities Inc. bought a new stake in shares of Axsome Therapeutics during the first quarter valued at approximately $31,000. Quantbot Technologies LP purchased a new stake in Axsome Therapeutics in the first quarter worth $31,000. AlphaQuest LLC purchased a new stake in Axsome Therapeutics in the first quarter worth $38,000. Finally, Neo Ivy Capital Management purchased a new stake in Axsome Therapeutics in the first quarter worth $41,000. 81.49% of the stock is owned by hedge funds and other institutional investors.

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.