Palisade Capital Management LP Invests $6.15 Million in Axsome Therapeutics, Inc. $AXSM

Palisade Capital Management LP acquired a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 25,138 shares of the company’s stock, valued at approximately $6,153,000.

A number of other large investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Axsome Therapeutics by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,923 shares of the company’s stock valued at $2,557,000 after purchasing an additional 1,002 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Axsome Therapeutics by 2,407.9% in the 1st quarter. Jones Financial Companies Lllp now owns 7,624 shares of the company’s stock worth $889,000 after buying an additional 7,320 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Axsome Therapeutics by 38.7% in the first quarter. Goldman Sachs Group Inc. now owns 301,718 shares of the company’s stock valued at $35,189,000 after acquiring an additional 84,151 shares during the last quarter. Caxton Associates LLP purchased a new stake in Axsome Therapeutics during the first quarter valued at about $307,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Axsome Therapeutics by 29.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 74,892 shares of the company’s stock valued at $8,735,000 after acquiring an additional 17,250 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Insider Activity

In other news, Director Mark Coleman sold 6,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $230.30, for a total value of $1,381,800.00. Following the completion of the transaction, the director directly owned 35,140 shares in the company, valued at approximately $8,092,742. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Herriot Tabuteau sold 49,670 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $241.01, for a total transaction of $11,970,966.70. Following the sale, the chief executive officer directly owned 7,229 shares of the company’s stock, valued at approximately $1,742,261.29. The trade was a 87.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 200,766 shares of company stock valued at $46,685,646. 20.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AXSM has been the topic of several research analyst reports. TD Cowen lifted their price objective on Axsome Therapeutics from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, June 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $272.00 price target on shares of Axsome Therapeutics in a report on Monday, May 4th. Royal Bank Of Canada dropped their price objective on shares of Axsome Therapeutics from $304.00 to $297.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Mizuho raised their target price on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, Zacks Research raised shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Axsome Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $267.60.

Axsome Therapeutics Stock Performance

Shares of NASDAQ:AXSM opened at $205.48 on Wednesday. The business’s 50-day simple moving average is $230.24 and its 200 day simple moving average is $206.43. The company has a market cap of $10.76 billion, a P/E ratio of -54.79 and a beta of 0.65. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.34 and a current ratio of 1.43. Axsome Therapeutics, Inc. has a one year low of $112.90 and a one year high of $260.19.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%.The company had revenue of $218.38 million during the quarter, compared to analysts’ expectations of $221.11 million. On average, sell-side analysts forecast that Axsome Therapeutics, Inc. will post -2.78 earnings per share for the current fiscal year.

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.