Axsome Therapeutics (NASDAQ:AXSM) Stock Price Down 4% on Analyst Downgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares were down 4% during mid-day trading on Monday after Mizuho lowered their price target on the stock from $310.00 to $306.00. Mizuho currently has an outperform rating on the stock. Axsome Therapeutics traded as low as $208.52 and last traded at $209.2820. Approximately 311,606 shares traded hands during trading, a decline of 59% from the average daily volume of 765,021 shares. The stock had previously closed at $217.99.

Other equities research analysts have also issued reports about the stock. Robert W. Baird boosted their price objective on shares of Axsome Therapeutics from $241.00 to $246.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Piper Sandler restated an “overweight” rating and set a $258.00 price objective on shares of Axsome Therapeutics in a research report on Monday, May 4th. BMO Capital Markets assumed coverage on shares of Axsome Therapeutics in a report on Monday, July 20th. They issued an “outperform” rating and a $310.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $290.00 target price on shares of Axsome Therapeutics in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $261.29.

Insider Activity

In related news, Director Mark Coleman sold 643 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $249.00, for a total transaction of $160,107.00. Following the completion of the sale, the director directly owned 30,389 shares of the company’s stock, valued at approximately $7,566,861. This represents a 2.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Susan Mahony sold 300 shares of Axsome Therapeutics stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $237.21, for a total transaction of $71,163.00. Following the sale, the director directly owned 1,129 shares in the company, valued at $267,810.09. This trade represents a 20.99% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 151,335 shares of company stock worth $36,200,507. Insiders own 20.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Franklin Street Advisors Inc. NC acquired a new position in Axsome Therapeutics in the 4th quarter worth approximately $1,826,000. Pictet Asset Management Holding SA lifted its stake in shares of Axsome Therapeutics by 20.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 436,063 shares of the company’s stock worth $79,643,000 after buying an additional 73,925 shares during the last quarter. Norges Bank bought a new stake in Axsome Therapeutics during the 4th quarter valued at approximately $90,490,000. Axiom Investors LLC DE grew its position in Axsome Therapeutics by 28.7% during the fourth quarter. Axiom Investors LLC DE now owns 63,390 shares of the company’s stock worth $11,578,000 after buying an additional 14,137 shares in the last quarter. Finally, M&T Bank Corp raised its stake in shares of Axsome Therapeutics by 2,553.8% in the 4th quarter. M&T Bank Corp now owns 49,466 shares of the company’s stock valued at $8,277,000 after buying an additional 47,602 shares in the last quarter. 81.49% of the stock is currently owned by institutional investors.

Axsome Therapeutics Stock Performance

The firm has a market capitalization of $10.74 billion, a price-to-earnings ratio of -55.96 and a beta of 0.65. The stock has a fifty day moving average price of $239.21 and a 200-day moving average price of $202.89. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.27.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, May 4th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.41). The business had revenue of $191.20 million during the quarter, compared to analyst estimates of $191.10 million. Axsome Therapeutics had a negative return on equity of 267.16% and a negative net margin of 26.59%.Axsome Therapeutics’s quarterly revenue was up 57.4% compared to the same quarter last year. As a group, analysts anticipate that Axsome Therapeutics, Inc. will post -2.45 earnings per share for the current fiscal year.

About Axsome Therapeutics

Axsome Therapeutics, Inc is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for central nervous system (CNS) disorders. The company focuses on small-molecule drugs designed to address unmet medical needs in areas such as depression, migraine, narcolepsy and fibromyalgia. Axsome employs a precision medicine approach, leveraging pharmacologic innovation to target underlying mechanisms of disease and improve patient outcomes.

Axsome’s pipeline includes several late-stage and approved product candidates.