Axsome Therapeutics (NASDAQ:AXSM) Stock Price Down 4.9% – Here’s What Happened

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $126.28 and last traded at $122.87. Approximately 96,290 shares changed hands during trading, a decline of 85% from the average daily volume of 639,633 shares. The stock had previously closed at $129.17.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on AXSM shares. Leerink Partners upped their price target on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday, February 10th. Royal Bank of Canada increased their target price on Axsome Therapeutics from $143.00 to $192.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. William Blair reaffirmed an “outperform” rating on shares of Axsome Therapeutics in a research note on Tuesday, February 18th. Wells Fargo & Company increased their price objective on Axsome Therapeutics from $140.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Truist Financial raised their price objective on Axsome Therapeutics from $190.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Axsome Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $167.36.

Axsome Therapeutics Trading Down 5.4 %

The firm has a market cap of $5.96 billion, a price-to-earnings ratio of -20.42 and a beta of 1.00. The company has a 50 day moving average price of $117.35 and a 200 day moving average price of $100.46. The company has a debt-to-equity ratio of 3.22, a quick ratio of 2.04 and a current ratio of 2.11.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Tuesday, February 18th. The company reported ($0.96) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.01. The business had revenue of $118.77 million during the quarter, compared to analysts’ expectations of $117.83 million. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%. On average, research analysts expect that Axsome Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, CFO Nick Pizzie sold 3,000 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $131.07, for a total transaction of $393,210.00. Following the transaction, the chief financial officer now directly owns 42,187 shares in the company, valued at $5,529,450.09. This represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 22.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Axsome Therapeutics

A number of institutional investors have recently modified their holdings of the company. 111 Capital purchased a new position in Axsome Therapeutics during the 4th quarter valued at about $278,000. TFG Asset Management GP Ltd acquired a new stake in shares of Axsome Therapeutics during the fourth quarter worth about $3,490,000. GF Fund Management CO. LTD. acquired a new stake in shares of Axsome Therapeutics during the fourth quarter worth about $86,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in shares of Axsome Therapeutics in the fourth quarter valued at approximately $2,853,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Axsome Therapeutics by 20.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,642 shares of the company’s stock valued at $4,877,000 after purchasing an additional 9,928 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

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.