Axsome Therapeutics (NASDAQ:AXSM) Shares Down 5.4% on Analyst Downgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM) dropped 5.4% during trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $280.00 to $267.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Axsome Therapeutics traded as low as $183.35 and last traded at $183.3970. Approximately 631,118 shares were traded during trading, a decline of 15% from the average daily volume of 742,336 shares. The stock had previously closed at $193.89.

Other equities analysts have also recently issued reports about the stock. Zacks Research upgraded shares of Axsome Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Needham & Company LLC raised their price objective on shares of Axsome Therapeutics from $267.00 to $268.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Mizuho boosted their target price on shares of Axsome Therapeutics from $306.00 to $316.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Jefferies Financial Group reissued a “buy” rating and issued a $380.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, June 11th. Finally, Truist Financial boosted their target price on Axsome Therapeutics from $200.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $271.00.

Insider Buying and Selling

In other news, CEO Herriot Tabuteau sold 4,660 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $213.95, for a total transaction of $997,007.00. Following the completion of the transaction, the chief executive officer directly owned 7,229 shares in the company, valued at $1,546,644.55. The trade was a 39.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mark Jacobson sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the completion of the sale, the chief operating officer owned 10,000 shares in the company, valued at approximately $2,086,500. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 109,330 shares of company stock worth $24,557,062 in the last ninety days. Insiders own 20.60% of the company’s stock.

Institutional Trading of Axsome Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in shares of Axsome Therapeutics during the fourth quarter worth about $90,490,000. Axiom Investors LLC DE grew its position in shares of Axsome Therapeutics by 28.7% during the 4th quarter. Axiom Investors LLC DE now owns 63,390 shares of the company’s stock worth $11,578,000 after purchasing an additional 14,137 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Axsome Therapeutics during the 2nd quarter worth approximately $759,695,000. BNP Paribas Financial Markets lifted its position in shares of Axsome Therapeutics by 60.1% during the 4th quarter. BNP Paribas Financial Markets now owns 304,388 shares of the company’s stock worth $55,593,000 after buying an additional 114,282 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in Axsome Therapeutics in the first quarter valued at approximately $9,019,000. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Trading Down 5.4%

The business’s 50 day simple moving average is $213.27 and its two-hundred day simple moving average is $211.72. The stock has a market cap of $9.61 billion, a P/E ratio of -48.91 and a beta of 0.71. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Monday, August 10th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%.The firm had revenue of $218.38 million during the quarter, compared to analyst estimates of $221.11 million. As a group, analysts expect that Axsome Therapeutics, Inc. will post -2.92 EPS for the current year.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company’s research programs address conditions with substantial unmet medical needs, including depression, migraine, narcolepsy, excessive daytime sleepiness, agitation associated with Alzheimer’s disease, and other neurological or psychiatric disorders.

Axsome’s commercial portfolio includes Auvelity, an oral medicine approved in the United States for the treatment of major depressive disorder in adults.