Axsome Therapeutics (NASDAQ:AXSM) Hits New 52-Week High Following Strong Earnings

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) hit a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $101.50 and last traded at $101.07, with a volume of 301797 shares trading hands. The stock had previously closed at $90.98.

The company reported ($1.34) EPS for the quarter, topping the consensus estimate of ($1.38) by $0.04. Axsome Therapeutics had a negative net margin of 91.87% and a negative return on equity of 158.36%. The company had revenue of $104.76 million during the quarter, compared to analysts’ expectations of $98.71 million. During the same quarter last year, the business earned ($1.32) EPS.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada raised their price objective on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Robert W. Baird raised their price objective on shares of Axsome Therapeutics from $112.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $107.00 price objective on shares of Axsome Therapeutics in a research note on Monday, September 16th. Bank of America upgraded shares of Axsome Therapeutics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $95.00 to $106.00 in a research report on Tuesday, August 6th. Finally, Wells Fargo & Company assumed coverage on shares of Axsome Therapeutics in a research report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 target price for the company. One analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Axsome Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $124.93.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, Director Mark E. Saad sold 11,016 shares of Axsome Therapeutics stock in a transaction that occurred on 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 transaction, the director now directly owns 10,002 shares of the company’s stock, valued at $913,282.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 22.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FORA Capital LLC acquired a new position in shares of Axsome Therapeutics during the third quarter worth $994,000. Cynosure Group LLC acquired a new position in shares of Axsome Therapeutics during the third quarter worth $713,000. BNP Paribas Financial Markets lifted its position in shares of Axsome Therapeutics by 71.7% during the third quarter. BNP Paribas Financial Markets now owns 13,733 shares of the company’s stock worth $1,234,000 after purchasing an additional 5,737 shares in the last quarter. FMR LLC lifted its position in shares of Axsome Therapeutics by 20.6% during the third quarter. FMR LLC now owns 1,088,087 shares of the company’s stock worth $97,786,000 after purchasing an additional 185,951 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its holdings in Axsome Therapeutics by 11.0% in the third quarter. Loomis Sayles & Co. L P now owns 298,586 shares of the company’s stock valued at $26,834,000 after acquiring an additional 29,497 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Axsome Therapeutics Stock Down 1.7 %

The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of -14.98 and a beta of 1.26. The firm’s fifty day moving average is $90.59 and its 200-day moving average is $84.05. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.44 and a quick ratio of 2.40.

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.