Pitcairn Co. Lowers Position in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Pitcairn Co. lessened its holdings in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) by 11.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,414 shares of the company’s stock after selling 561 shares during the quarter. Pitcairn Co.’s holdings in Axsome Therapeutics were worth $397,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new position in Axsome Therapeutics in the second quarter valued at $27,000. EntryPoint Capital LLC bought a new position in shares of Axsome Therapeutics during the 1st quarter valued at about $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Axsome Therapeutics during the 2nd quarter valued at about $47,000. Russell Investments Group Ltd. lifted its position in Axsome Therapeutics by 5,550.0% in the 1st quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock worth $63,000 after buying an additional 777 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Axsome Therapeutics by 22.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,736 shares of the company’s stock worth $156,000 after buying an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AXSM. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and set a $180.00 price objective on shares of Axsome Therapeutics in a research note on Monday. Robert W. Baird boosted their target price on Axsome Therapeutics from $112.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company assumed coverage on Axsome Therapeutics in a research report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price target on the stock. Finally, Royal Bank of Canada boosted their price objective on Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Axsome Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.93.

Axsome Therapeutics Price Performance

Shares of NASDAQ AXSM opened at $97.03 on Wednesday. Axsome Therapeutics, Inc. has a 1 year low of $61.14 and a 1 year high of $105.00. The stock has a market capitalization of $4.70 billion, a P/E ratio of -14.86 and a beta of 1.26. The company’s 50-day moving average is $91.09 and its 200 day moving average is $85.30. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.44 and a quick ratio of 2.37.

Axsome Therapeutics (NASDAQ:AXSM) last posted its earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. The firm had revenue of $104.76 million for the quarter, compared to the consensus estimate of $98.71 million. During the same quarter in the prior year, the business earned ($1.32) EPS. On average, sell-side analysts expect that Axsome Therapeutics, Inc. will post -4.75 earnings per share for the current year.

Insider Buying and Selling at Axsome Therapeutics

In related news, Director Mark E. Saad sold 11,016 shares of the stock in a transaction dated 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 completion of the transaction, the director now directly owns 10,002 shares in the company, valued at $913,282.62. This trade represents a 52.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 22.40% of the company’s stock.

About Axsome Therapeutics

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.