Morgan Stanley Upgrades Axsome Therapeutics (NASDAQ:AXSM) to “Overweight”

Axsome Therapeutics (NASDAQ:AXSM) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Monday, Marketbeat.com reports. The firm presently has a $115.00 price target on the stock, up from their previous price target of $90.00. Morgan Stanley’s price objective suggests a potential upside of 55.91% from the company’s current price.

Other research analysts have also issued reports about the company. Piper Sandler raised their price objective on Axsome Therapeutics from $90.00 to $113.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. Citigroup lifted their price objective on shares of Axsome Therapeutics from $125.00 to $127.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. UBS Group started coverage on shares of Axsome Therapeutics in a research note on Tuesday, February 6th. They set a “buy” rating and a $111.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $190.00 target price on shares of Axsome Therapeutics in a research note on Tuesday, April 2nd. Finally, Guggenheim boosted their price target on Axsome Therapeutics from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Axsome Therapeutics Trading Up 0.1 %

AXSM stock opened at $73.76 on Monday. The company has a quick ratio of 3.52, a current ratio of 3.63 and a debt-to-equity ratio of 0.93. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -14.18 and a beta of 1.13. The business has a fifty day simple moving average of $74.76 and a 200-day simple moving average of $75.38. Axsome Therapeutics has a 52 week low of $55.02 and a 52 week high of $98.40.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($1.21) by $0.48. Axsome Therapeutics had a negative return on equity of 70.67% and a negative net margin of 88.41%. The business had revenue of $71.53 million for the quarter, compared to analyst estimates of $70.38 million. On average, equities research analysts expect that Axsome Therapeutics will post -3.81 EPS for the current year.

Insider Buying and Selling

In other Axsome Therapeutics news, Director Roger Jeffs sold 29,976 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $69.70, for a total value of $2,089,327.20. Following the completion of the transaction, the director now directly owns 120,756 shares in the company, valued at $8,416,693.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Axsome Therapeutics news, COO Mark L. Jacobson sold 24,662 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $77.24, for a total value of $1,904,892.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Jeffs sold 29,976 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $69.70, for a total value of $2,089,327.20. Following the sale, the director now directly owns 120,756 shares in the company, valued at approximately $8,416,693.20. The disclosure for this sale can be found here. 24.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AXSM. Washington Trust Advisors Inc. bought a new stake in shares of Axsome Therapeutics during the 4th quarter worth $26,000. Fifth Third Bancorp increased its position in shares of Axsome Therapeutics by 100.0% in the third quarter. Fifth Third Bancorp now owns 400 shares of the company’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Axsome Therapeutics by 110.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,204 shares of the company’s stock valued at $84,000 after acquiring an additional 633 shares during the period. Janiczek Wealth Management LLC purchased a new stake in shares of Axsome Therapeutics in the 1st quarter valued at approximately $97,000. Finally, SG Americas Securities LLC acquired a new position in Axsome Therapeutics in the 4th quarter worth approximately $170,000. Institutional investors and hedge funds own 81.49% 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.