Wells Fargo & Company Begins Coverage on Axsome Therapeutics (NASDAQ:AXSM)

Wells Fargo & Company started coverage on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm issued an overweight rating and a $140.00 price target on the stock.

Other analysts have also issued research reports about the company. Citigroup lowered their target price on Axsome Therapeutics from $127.00 to $125.00 and set a buy rating on the stock in a report on Tuesday, May 7th. Royal Bank of Canada reduced their price target on shares of Axsome Therapeutics from $131.00 to $130.00 and set an outperform rating on the stock in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an overweight rating and set a $107.00 price objective on shares of Axsome Therapeutics in a research note on Friday, July 26th. StockNews.com lowered Axsome Therapeutics from a hold rating to a sell rating in a research note on Wednesday, August 14th. Finally, Needham & Company LLC reissued a buy rating and set a $130.00 price target on shares of Axsome Therapeutics in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Axsome Therapeutics presently has an average rating of Moderate Buy and an average price target of $124.57.

Axsome Therapeutics Stock Down 2.0 %

Shares of NASDAQ AXSM opened at $93.69 on Tuesday. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of -14.68 and a beta of 1.26. Axsome Therapeutics has a 52 week low of $55.02 and a 52 week high of $98.40. The firm has a 50-day moving average price of $85.18 and a 200 day moving average price of $78.70. The company has a quick ratio of 2.40, a current ratio of 2.48 and a debt-to-equity ratio of 1.77.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings results on Monday, August 5th. The company reported ($1.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.06. The company had revenue of $87.17 million during the quarter, compared to the consensus estimate of $84.53 million. Axsome Therapeutics had a negative net margin of 105.85% and a negative return on equity of 117.46%. Equities research analysts anticipate that Axsome Therapeutics will post -4.72 EPS for the current fiscal year.

Insider Transactions at Axsome Therapeutics

In related news, COO Mark L. Jacobson sold 47,739 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the completion of the sale, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 22.40% of the company’s stock.

Institutional Trading of Axsome Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund lifted its stake in shares of Axsome Therapeutics by 12.2% during the fourth quarter. New York State Common Retirement Fund now owns 28,047 shares of the company’s stock worth $2,232,000 after purchasing an additional 3,052 shares in the last quarter. Truist Financial Corp acquired a new position in Axsome Therapeutics during the 4th quarter worth approximately $1,678,000. Charles Schwab Investment Management Inc. boosted its holdings in Axsome Therapeutics by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 295,701 shares of the company’s stock worth $23,535,000 after acquiring an additional 5,830 shares during the period. Jump Financial LLC acquired a new stake in Axsome Therapeutics in the fourth quarter valued at approximately $669,000. Finally, Principal Financial Group Inc. grew its position in Axsome Therapeutics by 1.3% in the fourth quarter. Principal Financial Group Inc. now owns 9,497 shares of the company’s stock valued at $756,000 after acquiring an additional 120 shares in the last quarter. 81.49% of the stock is owned by hedge funds and other institutional investors.

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.