Needham & Company LLC Reaffirms “Buy” Rating for Axsome Therapeutics (NASDAQ:AXSM)

Needham & Company LLC reaffirmed their buy rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research report sent to investors on Thursday, Benzinga reports. They currently have a $130.00 price target on the stock.

AXSM has been the topic of several other reports. Royal Bank of Canada lowered their price objective on shares of Axsome Therapeutics from $131.00 to $130.00 and set an outperform rating on the stock in a research report on Tuesday, August 6th. StockNews.com cut Axsome Therapeutics from a hold rating to a sell rating in a research report on Wednesday, August 14th. Cantor Fitzgerald reissued an overweight rating and set a $107.00 price target on shares of Axsome Therapeutics in a research report on Friday, July 26th. UBS Group decreased their price objective on Axsome Therapeutics from $107.00 to $105.00 and set a buy rating for the company in a research report on Tuesday, August 6th. Finally, Wells Fargo & Company assumed coverage on Axsome Therapeutics in a research note on Tuesday, September 3rd. They set an overweight rating and a $140.00 target price on the stock. One analyst has rated the stock with a sell rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Axsome Therapeutics currently has a consensus rating of Moderate Buy and a consensus target price of $124.57.

Axsome Therapeutics Trading Down 0.5 %

NASDAQ:AXSM opened at $93.19 on Thursday. The stock has a fifty day simple moving average of $85.71 and a 200 day simple moving average of $78.79. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of -14.61 and a beta of 1.26. Axsome Therapeutics has a 1-year low of $55.02 and a 1-year high of $98.40. The company has a quick ratio of 2.40, a current ratio of 2.48 and a debt-to-equity ratio of 1.77.

Axsome Therapeutics (NASDAQ:AXSM) last announced its earnings results on Monday, August 5th. The company reported ($1.24) EPS for the quarter, topping the consensus estimate of ($1.30) by $0.06. The company had revenue of $87.17 million during the quarter, compared to analysts’ expectations of $84.53 million. Axsome Therapeutics had a negative net margin of 105.85% and a negative return on equity of 117.46%. Sell-side analysts forecast that Axsome Therapeutics will post -4.72 earnings per share for the current year.

Insider Activity at Axsome Therapeutics

In related news, COO Mark L. Jacobson sold 47,739 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the transaction, the chief operating officer now owns 5,783 shares of the company’s stock, valued at $487,275.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 22.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Large investors have recently bought and sold shares of the business. Avidity Partners Management LP raised its holdings in Axsome Therapeutics by 54.8% during the fourth quarter. Avidity Partners Management LP now owns 459,400 shares of the company’s stock valued at $36,564,000 after buying an additional 162,600 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Axsome Therapeutics during the 4th quarter valued at about $669,000. Vanguard Group Inc. raised its stake in shares of Axsome Therapeutics by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,740,278 shares of the company’s stock valued at $298,474,000 after acquiring an additional 43,512 shares in the last quarter. Bellevue Group AG lifted its holdings in Axsome Therapeutics by 7.9% in the 1st quarter. Bellevue Group AG now owns 685,476 shares of the company’s stock worth $54,701,000 after purchasing an additional 50,104 shares during the last quarter. Finally, Affinity Asset Advisors LLC acquired a new stake in Axsome Therapeutics in the 4th quarter worth approximately $3,980,000. 81.49% of the stock is currently owned by 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.