Sofinnova Investments Inc. Takes Position in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Sofinnova Investments Inc. purchased a new position in shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 310,198 shares of the company’s stock, valued at approximately $24,971,000. Axsome Therapeutics accounts for 1.3% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 20th largest holding. Sofinnova Investments Inc. owned 0.65% of Axsome Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in shares of Axsome Therapeutics by 1.3% during the fourth quarter. Principal Financial Group Inc. now owns 9,497 shares of the company’s stock worth $756,000 after buying an additional 120 shares during the period. CIBC Private Wealth Group LLC lifted its position in Axsome Therapeutics by 0.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 17,999 shares of the company’s stock worth $1,433,000 after acquiring an additional 135 shares during the period. Natixis grew its stake in shares of Axsome Therapeutics by 13.6% in the 1st quarter. Natixis now owns 1,235 shares of the company’s stock valued at $99,000 after purchasing an additional 148 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Axsome Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 8,630 shares of the company’s stock valued at $695,000 after purchasing an additional 177 shares during the period. Finally, Oak Ridge Investments LLC increased its holdings in shares of Axsome Therapeutics by 2.7% in the first quarter. Oak Ridge Investments LLC now owns 15,930 shares of the company’s stock valued at $1,271,000 after purchasing an additional 413 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AXSM. Wells Fargo & Company started coverage on shares of Axsome Therapeutics in a research report on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective on the stock. UBS Group lowered their target price on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Royal Bank of Canada cut their price target on shares of Axsome Therapeutics from $131.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Mizuho restated a “buy” rating and issued a $106.00 price objective on shares of Axsome Therapeutics in a research report on Wednesday, June 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $107.00 target price on shares of Axsome Therapeutics in a research report on Monday. One equities research analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $124.57.

Axsome Therapeutics Stock Down 1.3 %

AXSM stock opened at $92.41 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.48 and a quick ratio of 2.40. The company’s 50 day simple moving average is $87.10 and its 200-day simple moving average is $79.23. Axsome Therapeutics, Inc. has a 12 month low of $55.02 and a 12 month high of $98.40. The firm has a market capitalization of $4.39 billion, a PE ratio of -14.48 and a beta of 1.25.

Axsome Therapeutics (NASDAQ:AXSM) last announced its earnings results on Monday, August 5th. The company reported ($1.24) EPS for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.06. Axsome Therapeutics had a negative return on equity of 117.46% and a negative net margin of 105.85%. The firm had revenue of $87.17 million for the quarter, compared to analysts’ expectations of $84.53 million. Equities analysts expect that Axsome Therapeutics, Inc. will post -4.73 earnings per share for the current fiscal year.

Insider Activity at Axsome Therapeutics

In related news, COO Mark L. Jacobson sold 47,739 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the transaction, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Mark L. Jacobson sold 47,739 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the transaction, the chief operating officer now owns 5,783 shares of the company’s stock, valued at $487,275.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark E. Saad sold 11,016 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total transaction of $1,005,870.96. Following the transaction, the director now directly owns 10,002 shares in the company, valued at approximately $913,282.62. The disclosure for this sale can be found here. Corporate insiders own 22.40% of the company’s stock.

Axsome Therapeutics Company 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.