Axsome Therapeutics (NASDAQ:AXSM) Receives “Buy” Rating from Needham & Company LLC

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

A number of other research firms also recently issued reports on AXSM. Royal Bank of Canada boosted their price objective on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a report on Friday, October 4th. UBS Group reduced their price target on Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. StockNews.com upgraded Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, October 1st. Bank of America upgraded Axsome Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $106.00 in a research note on Tuesday, August 6th. Finally, Wells Fargo & Company began coverage on Axsome Therapeutics in a research note on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $124.93.

Axsome Therapeutics Stock Performance

NASDAQ:AXSM opened at $93.17 on Tuesday. The stock has a 50 day simple moving average of $90.66 and a 200 day simple moving average of $84.27. The stock has a market cap of $4.52 billion, a P/E ratio of -14.27 and a beta of 1.26. Axsome Therapeutics has a 1-year low of $56.66 and a 1-year high of $105.00. The company has a current ratio of 2.44, a quick ratio of 2.40 and a debt-to-equity ratio of 1.97.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.04. The firm had revenue of $104.76 million for the quarter, compared to analysts’ expectations of $98.71 million. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. During the same quarter last year, the business earned ($1.32) EPS. Research analysts anticipate that Axsome Therapeutics will post -5.04 earnings per share for the current year.

Insider Activity

In other news, Director Mark E. Saad sold 11,016 shares of Axsome Therapeutics stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $91.31, for a total value of $1,005,870.96. Following the transaction, the director now owns 10,002 shares in the company, valued at approximately $913,282.62. This trade represents a 52.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 22.40% of the company’s stock.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Axsome Therapeutics by 1.2% during 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. FMR LLC boosted its holdings in shares of Axsome Therapeutics by 20.6% during the 3rd quarter. FMR LLC now owns 1,088,087 shares of the company’s stock valued at $97,786,000 after acquiring an additional 185,951 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Axsome Therapeutics by 1.1% during the 3rd quarter. Wellington Management Group LLP now owns 742,745 shares of the company’s stock valued at $66,750,000 after acquiring an additional 8,125 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Axsome Therapeutics by 1.4% during the 2nd quarter. Millennium Management LLC now owns 739,819 shares of the company’s stock valued at $59,555,000 after acquiring an additional 10,401 shares in the last quarter. Finally, Bellevue Group AG boosted its holdings in shares of Axsome Therapeutics by 7.9% during the 1st quarter. Bellevue Group AG now owns 685,476 shares of the company’s stock valued at $54,701,000 after acquiring an additional 50,104 shares in the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.

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.