Leerink Partnrs Has Optimistic Outlook of AXSM Q3 Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM) – Equities researchers at Leerink Partnrs increased their Q3 2024 earnings per share (EPS) estimates for shares of Axsome Therapeutics in a report released on Tuesday, October 15th. Leerink Partnrs analyst M. Goodman now expects that the company will post earnings per share of ($1.39) for the quarter, up from their prior forecast of ($1.42). The consensus estimate for Axsome Therapeutics’ current full-year earnings is ($4.73) per share. Leerink Partnrs also issued estimates for Axsome Therapeutics’ Q4 2024 earnings at ($1.25) EPS and FY2024 earnings at ($4.97) EPS.

Other research analysts have also recently issued reports about the company. Bank of America upgraded Axsome Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $95.00 to $106.00 in a research report on Tuesday, August 6th. UBS Group cut their price objective on Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Wells Fargo & Company started coverage on Axsome Therapeutics in a research report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $130.00 price target on shares of Axsome Therapeutics in a report on Thursday, September 5th. Finally, HC Wainwright restated a “buy” rating and set a $180.00 price objective on shares of Axsome Therapeutics in a research report on Thursday, September 5th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $124.64.

Axsome Therapeutics Price Performance

Shares of AXSM opened at $93.35 on Friday. The company has a market capitalization of $4.43 billion, a P/E ratio of -14.63 and a beta of 1.26. The business’s 50-day moving average is $89.32 and its two-hundred day moving average is $81.33. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.40 and a current ratio of 2.48. Axsome Therapeutics has a fifty-two week low of $55.02 and a fifty-two week high of $98.40.

Axsome Therapeutics (NASDAQ:AXSM) last released its earnings results on Monday, August 5th. The company reported ($1.24) EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $84.53 million.

Insider Activity

In related news, COO Mark L. Jacobson sold 47,739 shares of Axsome Therapeutics stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the transaction, the chief operating officer now owns 5,783 shares in the company, valued at approximately $487,275.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Mark E. Saad sold 11,016 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now owns 10,002 shares of the company’s stock, valued at approximately $913,282.62. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Mark L. Jacobson sold 47,739 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the sale, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 22.40% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Several hedge funds have recently made changes to their positions in AXSM. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Axsome Therapeutics during the 2nd quarter valued at approximately $27,000. EntryPoint Capital LLC purchased a new stake in Axsome Therapeutics in the first quarter valued at $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Axsome Therapeutics in the 2nd quarter valued at $47,000. Russell Investments Group Ltd. grew its holdings in shares of Axsome Therapeutics by 5,550.0% during the 1st quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock worth $63,000 after purchasing an additional 777 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Axsome Therapeutics by 54,750.0% during the 1st quarter. Covestor Ltd now owns 1,097 shares of the company’s stock worth $88,000 after purchasing an additional 1,095 shares during the period. Hedge funds and other institutional investors own 81.49% 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.