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

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares 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.

A number of other analysts also recently weighed in on AXSM. Cantor Fitzgerald restated an “overweight” rating and issued a $121.00 price target on shares of Axsome Therapeutics in a research note on Thursday, December 12th. StockNews.com upgraded shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, November 20th. Mizuho lifted their target price on shares of Axsome Therapeutics from $137.00 to $195.00 and gave the stock an “outperform” rating in a research report on Tuesday. Leerink Partners lifted their target price on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $139.00 price objective on shares of Axsome Therapeutics in a research report on Wednesday, January 29th. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Axsome Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $145.80.

Institutional Trading of Axsome Therapeutics

Several institutional investors have recently made changes to their positions in AXSM. Meridian Wealth Management LLC lifted its stake in Axsome Therapeutics by 0.7% in the fourth quarter. Meridian Wealth Management LLC now owns 21,171 shares of the company’s stock valued at $1,791,000 after acquiring an additional 150 shares during the last quarter. Arizona State Retirement System lifted its stake in Axsome Therapeutics by 1.8% in the fourth quarter. Arizona State Retirement System now owns 9,054 shares of the company’s stock valued at $766,000 after acquiring an additional 164 shares during the last quarter. Xponance Inc. raised its position in shares of Axsome Therapeutics by 11.6% in the fourth quarter. Xponance Inc. now owns 2,659 shares of the company’s stock valued at $225,000 after purchasing an additional 277 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Axsome Therapeutics by 22.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,736 shares of the company’s stock valued at $156,000 after purchasing an additional 318 shares during the period. Finally, WCM Investment Management LLC raised its position in shares of Axsome Therapeutics by 0.3% in the third quarter. WCM Investment Management LLC now owns 113,692 shares of the company’s stock valued at $10,191,000 after purchasing an additional 347 shares during the period. 81.49% of the stock is currently owned by institutional investors and hedge funds.

Axsome Therapeutics Stock Performance

The company has a market cap of $6.41 billion, a P/E ratio of -20.25 and a beta of 1.05. The company has a quick ratio of 2.37, a current ratio of 2.44 and a debt-to-equity ratio of 1.97. The stock’s 50-day moving average price is $95.28 and its 200 day moving average price is $92.07.

Axsome Therapeutics (NASDAQ:AXSM) last announced its earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $104.76 million for the quarter, compared to analyst estimates of $98.71 million. During the same quarter in the previous year, the firm posted ($1.32) earnings per share. As a group, research analysts expect that Axsome Therapeutics, Inc. will post -4.7 EPS for the current fiscal 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.