Axsome Therapeutics (NASDAQ:AXSM) Shares Gap Up Following Analyst Upgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM)’s stock price gapped up prior to trading on Monday after Bank of America raised their price target on the stock from $143.00 to $167.00. The stock had previously closed at $105.76, but opened at $123.44. Bank of America currently has a buy rating on the stock. Axsome Therapeutics shares last traded at $126.02, with a volume of 1,176,853 shares changing hands.

AXSM has been the topic of a number of other reports. Truist Financial increased their price target on shares of Axsome Therapeutics from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Leerink Partners increased their target price on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the stock an “outperform” rating in a research note on Monday. StockNews.com upgraded Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft started coverage on Axsome Therapeutics in a report on Tuesday. They issued a “buy” rating and a $176.00 price target for the company. Finally, Robert W. Baird raised their price objective on Axsome Therapeutics from $112.00 to $116.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.80.

Hedge Funds Weigh In On Axsome Therapeutics

A number of institutional investors have recently added to or reduced their stakes in AXSM. Meridian Wealth Management LLC grew its stake in shares of Axsome Therapeutics by 0.7% in the 4th quarter. Meridian Wealth Management LLC now owns 21,171 shares of the company’s stock valued at $1,791,000 after buying an additional 150 shares during the period. Arizona State Retirement System raised its holdings in shares of Axsome Therapeutics by 1.8% in the 4th quarter. Arizona State Retirement System now owns 9,054 shares of the company’s stock valued at $766,000 after buying an additional 164 shares during the period. Xponance Inc. raised its holdings in shares of Axsome Therapeutics by 11.6% in the 4th quarter. Xponance Inc. now owns 2,659 shares of the company’s stock valued at $225,000 after buying an additional 277 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Axsome Therapeutics by 22.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,736 shares of the company’s stock worth $156,000 after purchasing an additional 318 shares in the last quarter. Finally, WCM Investment Management LLC grew its stake in Axsome Therapeutics by 0.3% during the 3rd quarter. WCM Investment Management LLC now owns 113,692 shares of the company’s stock worth $10,191,000 after purchasing an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Price Performance

The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of -20.25 and a beta of 1.05. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.37 and a current ratio of 2.44. The company has a 50 day moving average of $95.28 and a 200 day moving average of $92.07.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.38) by $0.04. The business had revenue of $104.76 million during the quarter, compared to analysts’ expectations of $98.71 million. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. During the same period in the prior year, the firm posted ($1.32) EPS. As a group, equities research analysts anticipate that Axsome Therapeutics, Inc. will post -4.7 EPS for the current year.

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.