Axsome Therapeutics (NASDAQ:AXSM) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research report report published on Tuesday morning,Benzinga reports. They currently have a $130.00 target price on the stock.

AXSM has been the topic of a number of other reports. Royal Bank of Canada lifted their price target on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $107.00 price target on shares of Axsome Therapeutics in a research report on Monday, September 16th. StockNews.com raised shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 1st. Wells Fargo & Company began coverage on shares of Axsome Therapeutics in a research report on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective on the stock. Finally, UBS Group cut their price objective on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $124.93.

Axsome Therapeutics Price Performance

AXSM opened at $93.17 on Tuesday. The company has a fifty day moving average price of $90.66 and a two-hundred day moving average price of $84.27. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.40 and a current ratio of 2.44. Axsome Therapeutics has a 52 week low of $56.66 and a 52 week high of $105.00. The firm has a market capitalization of $4.52 billion, a PE ratio of -14.27 and a beta of 1.26.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. The company had revenue of $104.76 million for the quarter, compared to analysts’ expectations of $98.71 million. Axsome Therapeutics had a negative net margin of 91.87% and a negative return on equity of 158.36%. During the same period last year, the firm posted ($1.32) earnings per share. As a group, analysts anticipate that Axsome Therapeutics will post -5.04 earnings per share for the current year.

Insiders Place Their Bets

In other Axsome Therapeutics news, Director Mark E. Saad sold 11,016 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total transaction of $1,005,870.96. Following the sale, the director now directly owns 10,002 shares of the company’s stock, valued at $913,282.62. The trade was a 52.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 22.40% of the company’s stock.

Institutional Investors Weigh In On Axsome Therapeutics

Several hedge funds have recently bought and sold shares of AXSM. Northwestern Mutual Wealth Management Co. acquired a new position in Axsome Therapeutics during the second quarter worth approximately $27,000. EntryPoint Capital LLC bought a new position in shares of Axsome Therapeutics during the 1st quarter worth approximately $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Axsome Therapeutics during the 2nd quarter worth approximately $47,000. Russell Investments Group Ltd. raised its stake in Axsome Therapeutics by 5,550.0% in the 1st quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock valued at $63,000 after acquiring an additional 777 shares during the period. Finally, Covestor Ltd lifted its holdings in Axsome Therapeutics by 54,750.0% during the 1st quarter. Covestor Ltd now owns 1,097 shares of the company’s stock valued at $88,000 after purchasing an additional 1,095 shares during the last quarter. 81.49% of the stock is currently 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.