Axsome Therapeutics Sees Unusually High Options Volume (NASDAQ:AXSM)

Axsome Therapeutics, Inc. (NASDAQ:AXSM) saw unusually large options trading on Thursday. Investors acquired 2,245 put options on the stock. This is an increase of 200% compared to the typical daily volume of 749 put options.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AXSM. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Axsome Therapeutics from $280.00 to $267.00 and set a “buy” rating for the company in a research note on Tuesday, September 29th. Wells Fargo & Company raised their price objective on Axsome Therapeutics from $255.00 to $256.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Mizuho boosted their price objective on Axsome Therapeutics from $306.00 to $316.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. HC Wainwright reiterated a “buy” rating on shares of Axsome Therapeutics in a research report on Friday, September 25th. Finally, BMO Capital Markets initiated coverage on shares of Axsome Therapeutics in a report on Monday, July 20th. They issued an “outperform” rating and a $310.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Axsome Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $274.68.

Insider Buying and Selling

In related news, COO Mark Jacobson sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $208.65, for a total value of $2,086,500.00. Following the completion of the transaction, the chief operating officer owned 10,000 shares of the company’s stock, valued at approximately $2,086,500. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Herriot Tabuteau sold 4,660 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $213.95, for a total value of $997,007.00. Following the completion of the sale, the chief executive officer directly owned 7,229 shares in the company, valued at $1,546,644.55. This represents a 39.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 59,664 shares of company stock worth $12,624,805 in the last ninety days. Corporate insiders own 20.60% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in Axsome Therapeutics by 14.9% in the second quarter. GAMMA Investing LLC now owns 347 shares of the company’s stock worth $85,000 after acquiring an additional 45 shares in the last quarter. Concurrent Investment Advisors LLC lifted its stake in shares of Axsome Therapeutics by 4.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,739 shares of the company’s stock worth $426,000 after purchasing an additional 78 shares during the period. Assetmark Inc. increased its stake in shares of Axsome Therapeutics by 7.2% in the 1st quarter. Assetmark Inc. now owns 1,182 shares of the company’s stock worth $200,000 after purchasing an additional 79 shares in the last quarter. Allworth Financial LP raised its stake in shares of Axsome Therapeutics by 5.7% in the second quarter. Allworth Financial LP now owns 1,566 shares of the company’s stock worth $383,000 after buying an additional 84 shares during the period. Finally, Praxis Investment Management Inc. increased its holdings in Axsome Therapeutics by 10.0% in the 1st quarter. Praxis Investment Management Inc. now owns 1,265 shares of the company’s stock worth $214,000 after acquiring an additional 115 shares in the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.

Axsome Therapeutics Trading Up 0.7%

NASDAQ AXSM opened at $144.43 on Friday. The company has a market cap of $7.57 billion, a P/E ratio of -38.51 and a beta of 0.86. Axsome Therapeutics has a 12 month low of $123.50 and a 12 month high of $260.19. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.43 and a quick ratio of 1.34. The company has a 50-day moving average of $184.76 and a 200-day moving average of $198.93.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Monday, August 10th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. The firm had revenue of $218.38 million during the quarter, compared to analyst estimates of $221.11 million. As a group, equities analysts predict that Axsome Therapeutics will post -3.03 earnings per share for the current year.

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.