Axsome Therapeutics (NASDAQ:AXSM) Issues Earnings Results

Axsome Therapeutics (NASDAQ:AXSM) posted its quarterly earnings results on Monday. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.12), Zacks reports. Axsome Therapeutics had a negative net margin of 49.88% and a negative return on equity of 283.22%. The business had revenue of $170.99 million during the quarter, compared to the consensus estimate of $162.96 million. The business’s quarterly revenue was up 63.2% on a year-over-year basis.

Axsome Therapeutics Price Performance

Shares of AXSM opened at $135.75 on Tuesday. The business’s 50-day moving average is $123.47 and its two-hundred day moving average is $112.81. The company has a market capitalization of $6.77 billion, a P/E ratio of -26.78 and a beta of 0.52. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.51 and a current ratio of 1.57. Axsome Therapeutics has a fifty-two week low of $75.56 and a fifty-two week high of $139.13.

Analysts Set New Price Targets

A number of research firms have weighed in on AXSM. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a report on Wednesday, October 8th. Wells Fargo & Company upgraded Axsome Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 3rd. Bank of America boosted their target price on shares of Axsome Therapeutics from $173.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. Royal Bank Of Canada raised their price target on shares of Axsome Therapeutics from $184.00 to $189.00 and gave the company an “outperform” rating in a report on Tuesday, August 5th. Finally, B. Riley initiated coverage on shares of Axsome Therapeutics in a research note on Wednesday, October 1st. They set a “buy” rating and a $179.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $178.20.

Insider Activity

In related news, CEO Herriot Tabuteau sold 27,907 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $118.96, for a total value of $3,319,816.72. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at $859,961.84. The trade was a 79.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roger Jeffs sold 20,000 shares of Axsome Therapeutics stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $121.60, for a total transaction of $2,432,000.00. Following the completion of the transaction, the director directly owned 90,974 shares of the company’s stock, valued at $11,062,438.40. The trade was a 18.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 243,332 shares of company stock valued at $28,824,746 in the last quarter. 22.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axsome Therapeutics

Hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Axsome Therapeutics in the second quarter valued at approximately $258,000. Caxton Associates LLP acquired a new stake in Axsome Therapeutics in the 1st quarter valued at $307,000. Osaic Holdings Inc. increased its holdings in Axsome Therapeutics by 136.6% in the 2nd quarter. Osaic Holdings Inc. now owns 3,215 shares of the company’s stock worth $336,000 after acquiring an additional 1,856 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Axsome Therapeutics by 340.4% during the second quarter. Tower Research Capital LLC TRC now owns 3,880 shares of the company’s stock worth $405,000 after acquiring an additional 2,999 shares during the period. Finally, Tidal Investments LLC acquired a new stake in shares of Axsome Therapeutics in the second quarter valued at about $441,000. Hedge funds and other institutional investors 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.