Axsome Therapeutics (NASDAQ:AXSM) Shares Down 5.4% on Analyst Downgrade

by · The Markets Daily

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM – Get Free Report) were down 5.4% during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $280.00 to $267.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Axsome Therapeutics traded as low as $183.35 and last traded at $183.3970. Approximately 631,118 shares were traded during mid-day trading, a decline of 15% from the average session volume of 742,336 shares. The stock had previously closed at $193.89.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company increased their price objective on Axsome Therapeutics from $255.00 to $256.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Axsome Therapeutics in a research note on Friday, July 17th. BMO Capital Markets assumed coverage on shares of Axsome Therapeutics in a research note on Monday, July 20th. They issued an “outperform” rating and a $310.00 price objective for the company. HC Wainwright reissued a “buy” rating on shares of Axsome Therapeutics in a report on Friday. Finally, UBS Group restated a “buy” rating on shares of Axsome Therapeutics in a research report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Axsome Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.00.

Get Our Latest Stock Analysis on Axsome Therapeutics

Insider Activity

In related news, CEO Herriot Tabuteau sold 4,660 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $213.95, for a total value of $997,007.00. Following the completion of the sale, the chief executive officer owned 7,229 shares of the company’s stock, valued at approximately $1,546,644.55. The trade was a 39.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Mark Jacobson sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total transaction of $2,086,500.00. Following the transaction, the chief operating officer directly owned 10,000 shares in the company, valued at approximately $2,086,500. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 109,330 shares of company stock valued at $24,557,062. 20.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in shares of Axsome Therapeutics by 14.9% during the second quarter. GAMMA Investing LLC now owns 347 shares of the company’s stock worth $85,000 after purchasing an additional 45 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Axsome Therapeutics by 3.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,921 shares of the company’s stock valued at $351,000 after acquiring an additional 65 shares during the period. Concurrent Investment Advisors LLC lifted its stake in shares of Axsome Therapeutics by 4.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,739 shares of the company’s stock worth $426,000 after acquiring an additional 78 shares during the period. Assetmark Inc. boosted its stake in Axsome Therapeutics by 7.2% during the 1st quarter. Assetmark Inc. now owns 1,182 shares of the company’s stock valued at $200,000 after purchasing an additional 79 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in Axsome Therapeutics by 5.7% during the second quarter. Allworth Financial LP now owns 1,566 shares of the company’s stock worth $383,000 after acquiring an additional 84 shares during the period. 81.49% of the stock is owned by institutional investors and hedge funds.

Axsome Therapeutics Trading Down 5.4%

The firm has a market capitalization of $9.61 billion, a price-to-earnings ratio of -48.91 and a beta of 0.71. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52. The firm’s 50 day moving average is $213.27 and its 200 day moving average is $211.72.

Axsome Therapeutics (NASDAQ:AXSM – Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). The firm had revenue of $218.38 million for the quarter, compared to analysts’ expectations of $221.11 million. Axsome Therapeutics had a negative net margin of 24.68% and a negative return on equity of 265.55%. Equities analysts forecast that Axsome Therapeutics, Inc. will post -2.92 earnings per share for the current year.

Axsome Therapeutics Company Profile

(Get Free Report)

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company’s research programs address conditions with substantial unmet medical needs, including depression, migraine, narcolepsy, excessive daytime sleepiness, agitation associated with Alzheimer’s disease, and other neurological or psychiatric disorders.

Axsome’s commercial portfolio includes Auvelity, an oral medicine approved in the United States for the treatment of major depressive disorder in adults.

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