Axsome Therapeutics (NASDAQ:AXSM) Price Target Raised to $169.00 at Needham & Company LLC

Axsome Therapeutics (NASDAQ:AXSM) had its price objective hoisted by equities researchers at Needham & Company LLC from $154.00 to $169.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 13.58% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada upped their price target on shares of Axsome Therapeutics from $189.00 to $198.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 4th. Wells Fargo & Company cut their price target on Axsome Therapeutics from $163.00 to $157.00 and set an “overweight” rating on the stock in a report on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Wednesday, October 8th. Mizuho boosted their target price on shares of Axsome Therapeutics from $200.00 to $202.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, HC Wainwright raised their price target on shares of Axsome Therapeutics from $180.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $180.81.

Axsome Therapeutics Price Performance

Shares of AXSM stock opened at $148.79 on Wednesday. Axsome Therapeutics has a twelve month low of $79.19 and a twelve month high of $158.56. The company has a current ratio of 1.57, a quick ratio of 1.50 and a debt-to-equity ratio of 1.66. The stock has a fifty day simple moving average of $144.13 and a two-hundred day simple moving average of $124.10. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of -31.86 and a beta of 0.47.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.12). Axsome Therapeutics had a negative net margin of 40.90% and a negative return on equity of 277.31%. The firm 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% compared to the same quarter last year. On average, analysts predict that Axsome Therapeutics will post -2.79 EPS for the current fiscal year.

Insider Transactions at Axsome Therapeutics

In other Axsome Therapeutics news, CEO Herriot Tabuteau sold 91,705 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $132.34, for a total value of $12,136,239.70. Following the completion of the transaction, the chief executive officer owned 7,229 shares of the company’s stock, valued at approximately $956,685.86. This trade represents a 92.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 289,296 shares of company stock worth $38,882,311. Corporate insiders own 22.40% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several hedge funds have recently made changes to their positions in AXSM. Versant Capital Management Inc increased its holdings in shares of Axsome Therapeutics by 20,300.0% in the third quarter. Versant Capital Management Inc now owns 204 shares of the company’s stock valued at $25,000 after purchasing an additional 203 shares during the period. First Horizon Corp purchased a new position in Axsome Therapeutics during the 3rd quarter worth approximately $34,000. Optiver Holding B.V. raised its position in Axsome Therapeutics by 82.3% during the 3rd quarter. Optiver Holding B.V. now owns 288 shares of the company’s stock worth $35,000 after buying an additional 130 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Axsome Therapeutics in the 1st quarter valued at $38,000. Finally, Essex Investment Management Co. LLC acquired a new stake in shares of Axsome Therapeutics in the third quarter worth $38,000. 81.49% of the stock is owned by institutional investors and hedge funds.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.