Axsome Therapeutics (NASDAQ:AXSM) Stock Price Up 5.6% Following Earnings Beat

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price shot up 5.6% during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $117.60 and last traded at $118.54. 231,459 shares were traded during trading, a decline of 66% from the average session volume of 683,737 shares. The stock had previously closed at $112.21.

The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.23) by $0.43. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%.

Analyst Ratings Changes

AXSM has been the subject of several recent research reports. Leerink Partners boosted their target price on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday, February 10th. Bank of America boosted their target price on shares of Axsome Therapeutics from $143.00 to $167.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Morgan Stanley lifted their price objective on Axsome Therapeutics from $125.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Wells Fargo & Company upped their target price on Axsome Therapeutics from $140.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Robert W. Baird lifted their price target on shares of Axsome Therapeutics from $132.00 to $160.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Axsome Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $169.87.

Insider Buying and Selling

In other Axsome Therapeutics news, CFO Nick Pizzie sold 3,000 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $131.07, for a total transaction of $393,210.00. Following the transaction, the chief financial officer now owns 42,187 shares in the company, valued at $5,529,450.09. This represents a 6.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 22.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC grew its holdings in shares of Axsome Therapeutics by 0.3% during the 1st quarter. Mutual of America Capital Management LLC now owns 39,623 shares of the company’s stock worth $4,621,000 after purchasing an additional 136 shares in the last quarter. Pitcairn Co. raised its position in Axsome Therapeutics by 3.4% during the fourth quarter. Pitcairn Co. now owns 4,562 shares of the company’s stock valued at $386,000 after purchasing an additional 148 shares in the last quarter. Meridian Wealth Management LLC lifted its stake in Axsome Therapeutics by 0.7% during the fourth quarter. Meridian Wealth Management LLC now owns 21,171 shares of the company’s stock worth $1,791,000 after purchasing an additional 150 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Axsome Therapeutics by 4.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,852 shares of the company’s stock valued at $326,000 after purchasing an additional 162 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Axsome Therapeutics by 1.8% in the 4th quarter. Arizona State Retirement System now owns 9,054 shares of the company’s stock valued at $766,000 after purchasing an additional 164 shares during the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.

Axsome Therapeutics Price Performance

The business has a fifty day moving average price of $113.35 and a 200 day moving average price of $104.18. The company has a market cap of $5.73 billion, a price-to-earnings ratio of -19.45 and a beta of 0.46. The company has a debt-to-equity ratio of 3.22, a quick ratio of 2.04 and a current ratio of 2.11.

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.