Axsome Therapeutics (NASDAQ:AXSM) Reaches New 52-Week High After Earnings Beat

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $101.50 and last traded at $101.07, with a volume of 301797 shares traded. The stock had previously closed at $90.98.

The company reported ($1.34) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.04. The business had revenue of $104.76 million for the quarter, compared to analyst estimates of $98.71 million. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. During the same quarter last year, the company earned ($1.32) EPS.

Analysts Set New Price Targets

A number of research analysts recently commented on AXSM shares. HC Wainwright reaffirmed a “buy” rating and issued a $180.00 target price on shares of Axsome Therapeutics in a research report on Thursday, September 5th. Bank of America raised Axsome Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $106.00 in a report on Tuesday, August 6th. StockNews.com downgraded Axsome Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday. Royal Bank of Canada raised their price target on Axsome Therapeutics from $130.00 to $131.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Finally, Robert W. Baird boosted their price objective on Axsome Therapeutics from $112.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.93.

Insider Buying and Selling

In other Axsome Therapeutics news, Director Mark E. Saad sold 11,016 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the transaction, the director now directly owns 10,002 shares of the company’s stock, valued at approximately $913,282.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 22.40% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

Large investors have recently modified their holdings of the business. Sofinnova Investments Inc. purchased a new stake in shares of Axsome Therapeutics in the second quarter valued at approximately $24,971,000. Tri Locum Partners LP grew its stake in shares of Axsome Therapeutics by 198.4% during the 2nd quarter. Tri Locum Partners LP now owns 306,513 shares of the company’s stock worth $24,674,000 after purchasing an additional 203,802 shares during the period. FMR LLC grew its stake in shares of Axsome Therapeutics by 20.6% during the 3rd quarter. FMR LLC now owns 1,088,087 shares of the company’s stock worth $97,786,000 after purchasing an additional 185,951 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Axsome Therapeutics in the 1st quarter valued at about $11,036,000. Finally, Hood River Capital Management LLC lifted its stake in shares of Axsome Therapeutics by 32.6% in the first quarter. Hood River Capital Management LLC now owns 520,750 shares of the company’s stock valued at $41,556,000 after purchasing an additional 127,997 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.

Axsome Therapeutics Trading Down 1.7 %

The company has a quick ratio of 2.40, a current ratio of 2.44 and a debt-to-equity ratio of 1.97. The business’s fifty day moving average is $90.59 and its 200 day moving average is $84.05. The stock has a market cap of $4.65 billion, a PE ratio of -14.98 and a beta of 1.26.

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.