Norges Bank Makes New $34.10 Million Investment in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Norges Bank bought a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 403,026 shares of the company’s stock, valued at approximately $34,100,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in Axsome Therapeutics by 6,002.7% in the fourth quarter. Principal Financial Group Inc. now owns 207,065 shares of the company’s stock worth $17,520,000 after purchasing an additional 203,672 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Axsome Therapeutics in the 4th quarter worth about $14,771,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Axsome Therapeutics during the fourth quarter valued at about $6,219,000. abrdn plc grew its position in Axsome Therapeutics by 553.3% during the fourth quarter. abrdn plc now owns 72,179 shares of the company’s stock valued at $6,107,000 after buying an additional 61,131 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Axsome Therapeutics by 47.5% during the third quarter. Franklin Resources Inc. now owns 160,534 shares of the company’s stock worth $13,713,000 after buying an additional 51,696 shares during the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AXSM shares. HC Wainwright reissued a “buy” rating and set a $200.00 target price on shares of Axsome Therapeutics in a research report on Thursday. Truist Financial increased their price objective on Axsome Therapeutics from $190.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Robert W. Baird boosted their target price on Axsome Therapeutics from $132.00 to $160.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Royal Bank of Canada increased their price target on Axsome Therapeutics from $143.00 to $192.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company lifted their price objective on Axsome Therapeutics from $140.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $167.64.

Axsome Therapeutics Price Performance

Shares of NASDAQ:AXSM opened at $98.86 on Friday. The company has a 50 day moving average of $120.62 and a 200 day moving average of $101.75. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.22. The stock has a market cap of $4.82 billion, a P/E ratio of -16.50 and a beta of 0.88. Axsome Therapeutics, Inc. has a 12 month low of $64.11 and a 12 month high of $139.13.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Tuesday, February 18th. The company reported ($0.96) EPS for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.01. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%. The firm had revenue of $118.77 million during the quarter, compared to analyst estimates of $117.83 million. As a group, sell-side analysts forecast that Axsome Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Nick Pizzie sold 3,000 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $131.07, for a total value of $393,210.00. Following the transaction, the chief financial officer now owns 42,187 shares of the company’s stock, valued at $5,529,450.09. This represents a 6.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 22.40% of the company’s stock.

Axsome Therapeutics Profile

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.