Axsome Therapeutics (NASDAQ:AXSM) Stock Gets Price Target Reduction from Mizuho

Axsome Therapeutics (NASDAQ:AXSM) had its price target lowered by Mizuho from $284.00 to $272.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also issued reports on AXSM. Robert W. Baird reduced their price target on shares of Axsome Therapeutics from $246.00 to $220.00 and set an “outperform” rating for the company in a research report on Tuesday. Piper Sandler lowered their price objective on shares of Axsome Therapeutics from $258.00 to $238.00 and set an “overweight” rating on the stock in a research report on Monday, October 26th. Truist Financial upped their price objective on shares of Axsome Therapeutics from $200.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, September 23rd. BMO Capital Markets assumed coverage on shares of Axsome Therapeutics in a research report on Monday, July 20th. They issued an “outperform” rating and a $310.00 target price for the company. Finally, Royal Bank Of Canada decreased their target price on shares of Axsome Therapeutics from $295.00 to $273.00 and set an “outperform” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $267.58.

Axsome Therapeutics Stock Up 2.0%

Shares of AXSM stock traded up $2.57 on Wednesday, reaching $132.37. 718,345 shares of the company’s stock traded hands, compared to its average volume of 1,082,059. Axsome Therapeutics has a 12-month low of $123.00 and a 12-month high of $260.19. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.34 and a current ratio of 1.43. The company has a market capitalization of $6.93 billion, a P/E ratio of -43.26 and a beta of 0.86. The business’s 50 day moving average price is $177.62 and its two-hundred day moving average price is $197.87.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, November 2nd. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.38. Axsome Therapeutics had a negative return on equity of 218.52% and a negative net margin of 18.18%. The firm had revenue of $259.69 million for the quarter, compared to analyst estimates of $249.19 million. During the same period in the previous year, the firm earned ($0.94) earnings per share. Axsome Therapeutics’s quarterly revenue was up 51.9% on a year-over-year basis. On average, equities analysts forecast that Axsome Therapeutics will post -2.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Mark Jacobson sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the transaction, the chief operating officer owned 10,000 shares of the company’s stock, valued at approximately $2,086,500. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 20.60% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Axsome Therapeutics during the 2nd quarter valued at $759,695,000. ABS Investment Management LLC acquired a new position in Axsome Therapeutics during the second quarter worth $171,339,000. Bank of America Corp DE acquired a new position in Axsome Therapeutics during the second quarter worth $110,756,000. First Trust Advisors LP raised its holdings in Axsome Therapeutics by 1,230.2% during the first quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock valued at $97,606,000 after buying an additional 534,066 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in Axsome Therapeutics by 12.9% during the third quarter. Pictet Asset Management Holding SA now owns 481,524 shares of the company’s stock valued at $88,789,000 after buying an additional 54,997 shares in the last quarter. 81.49% of the stock is owned by institutional investors.

Axsome Therapeutics Company Profile

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.