Axsome Therapeutics (NASDAQ:AXSM) Stock Rating Upgraded by Morgan Stanley

Axsome Therapeutics (NASDAQ:AXSM) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $115.00 price target on the stock, up from their prior price target of $90.00. Morgan Stanley’s price objective suggests a potential upside of 55.91% from the stock’s current price.

Several other research firms have also issued reports on AXSM. Citigroup raised their target price on shares of Axsome Therapeutics from $125.00 to $127.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. Royal Bank of Canada boosted their target price on Axsome Therapeutics from $123.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $107.00 price target on shares of Axsome Therapeutics in a report on Wednesday, April 10th. Guggenheim boosted their price objective on Axsome Therapeutics from $110.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, HC Wainwright reiterated a “buy” rating and issued a $190.00 target price on shares of Axsome Therapeutics in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Axsome Therapeutics Stock Performance

NASDAQ AXSM opened at $73.76 on Monday. The stock has a market capitalization of $3.49 billion, a PE ratio of -14.18 and a beta of 1.13. Axsome Therapeutics has a 1-year low of $55.02 and a 1-year high of $98.40. The business has a 50 day simple moving average of $74.76 and a two-hundred day simple moving average of $75.38. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.63 and a quick ratio of 3.52.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($1.21) by $0.48. Axsome Therapeutics had a negative net margin of 88.41% and a negative return on equity of 70.67%. The business had revenue of $71.53 million during the quarter, compared to analyst estimates of $70.38 million. On average, research analysts predict that Axsome Therapeutics will post -3.81 EPS for the current fiscal year.

Insider Activity at Axsome Therapeutics

In related news, Director Roger Jeffs sold 29,976 shares of Axsome Therapeutics stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $69.70, for a total transaction of $2,089,327.20. Following the transaction, the director now directly owns 120,756 shares of the company’s stock, valued at $8,416,693.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Roger Jeffs sold 29,976 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $69.70, for a total transaction of $2,089,327.20. Following the completion of the sale, the director now directly owns 120,756 shares in the company, valued at approximately $8,416,693.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mark L. Jacobson sold 24,662 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $77.24, for a total transaction of $1,904,892.88. The disclosure for this sale can be found here. 24.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. RTW Investments LP grew its position in Axsome Therapeutics by 4.8% during the 3rd quarter. RTW Investments LP now owns 4,489,596 shares of the company’s stock worth $313,778,000 after purchasing an additional 205,319 shares during the last quarter. Perceptive Advisors LLC lifted its stake in shares of Axsome Therapeutics by 115.5% during the fourth quarter. Perceptive Advisors LLC now owns 1,038,019 shares of the company’s stock worth $82,616,000 after buying an additional 556,370 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Axsome Therapeutics by 57.4% during the fourth quarter. Point72 Asset Management L.P. now owns 837,201 shares of the company’s stock valued at $66,633,000 after buying an additional 305,264 shares during the last quarter. Bellevue Group AG increased its position in shares of Axsome Therapeutics by 0.6% in the 4th quarter. Bellevue Group AG now owns 635,372 shares of the company’s stock valued at $50,569,000 after acquiring an additional 3,885 shares during the period. Finally, Avidity Partners Management LP raised its stake in Axsome Therapeutics by 54.8% in the 4th quarter. Avidity Partners Management LP now owns 459,400 shares of the company’s stock worth $36,564,000 after acquiring an additional 162,600 shares during the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Axsome Therapeutics Company Profile

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.