Axsome Therapeutics (NASDAQ:AXSM) Hits New 12-Month High After Strong Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price reached a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $101.50 and last traded at $101.07, with a volume of 301797 shares trading hands. The stock had previously closed at $90.98.

The company reported ($1.34) EPS for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. The business had revenue of $104.76 million during the quarter, compared to analysts’ expectations of $98.71 million. Axsome Therapeutics had a negative net margin of 91.87% and a negative return on equity of 158.36%. During the same quarter in the previous year, the company earned ($1.32) earnings per share.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. StockNews.com lowered Axsome Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday. Robert W. Baird lifted their target price on shares of Axsome Therapeutics from $112.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday. HC Wainwright reissued a “buy” rating and issued a $180.00 price target on shares of Axsome Therapeutics in a research note on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $107.00 price objective on shares of Axsome Therapeutics in a research note on Monday, September 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $130.00 price objective on shares of Axsome Therapeutics in a report on Tuesday. One equities research analyst has rated the stock with a sell rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $124.93.

Insider Buying and Selling

In other news, Director Mark E. Saad sold 11,016 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the transaction, the director now directly owns 10,002 shares in the company, valued at approximately $913,282.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 22.40% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AXSM. Northwestern Mutual Wealth Management Co. acquired a new position in Axsome Therapeutics during the 2nd quarter worth $27,000. EntryPoint Capital LLC acquired a new position in shares of Axsome Therapeutics during the first quarter worth about $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Axsome Therapeutics during the second quarter worth approximately $47,000. Russell Investments Group Ltd. raised its holdings in Axsome Therapeutics by 5,550.0% in the first quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock valued at $63,000 after acquiring an additional 777 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Axsome Therapeutics by 54,750.0% in the first quarter. Covestor Ltd now owns 1,097 shares of the company’s stock worth $88,000 after acquiring an additional 1,095 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Stock Down 1.7 %

The firm’s fifty day simple moving average is $90.59 and its 200 day simple moving average is $84.05. The company has a current ratio of 2.44, a quick ratio of 2.40 and a debt-to-equity ratio of 1.97. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -14.98 and a beta of 1.26.

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.