Axsome Therapeutics (NASDAQ:AXSM) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Axsome Therapeutics (NASDAQ:AXSM) from an equal weight rating to an overweight rating in a report published on Monday, Marketbeat reports. They currently have $115.00 target price on the stock, up from their previous target price of $90.00.

Several other equities research analysts also recently weighed in on the stock. Guggenheim boosted their target price on shares of Axsome Therapeutics from $110.00 to $125.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. Piper Sandler boosted their target price on shares of Axsome Therapeutics from $90.00 to $113.00 and gave the stock an overweight rating in a research report on Tuesday, January 16th. Citigroup boosted their target price on shares of Axsome Therapeutics from $125.00 to $127.00 and gave the stock a buy rating in a research report on Tuesday, March 26th. Royal Bank of Canada boosted their target price on shares of Axsome Therapeutics from $123.00 to $128.00 and gave the stock an outperform rating in a research report on Tuesday, March 26th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $107.00 target price on shares of Axsome Therapeutics in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Axsome Therapeutics currently has an average rating of Moderate Buy and an average target price of $122.00.

Axsome Therapeutics Stock Performance

Axsome Therapeutics stock opened at $74.89 on Monday. Axsome Therapeutics has a 12-month low of $55.02 and a 12-month high of $98.40. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -14.40 and a beta of 1.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.63 and a quick ratio of 3.52. The firm’s fifty day moving average price is $74.62 and its 200 day moving average price is $75.37.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $71.53 million for the quarter, compared to the consensus estimate of $70.38 million. On average, research analysts forecast that Axsome Therapeutics will post -3.75 EPS for the current fiscal year.

Insider Activity

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 24,662 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $77.24, for a total transaction of $1,904,892.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Axsome Therapeutics news, Director Roger Jeffs sold 29,976 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 120,756 shares of the company’s stock, valued at approximately $8,416,693.20. The transaction 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 shares were 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. Company insiders own 24.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Trexquant Investment LP acquired a new stake in shares of Axsome Therapeutics in the 3rd quarter worth approximately $1,220,000. Kennedy Capital Management LLC lifted its stake in shares of Axsome Therapeutics by 24.2% in the 3rd quarter. Kennedy Capital Management LLC now owns 12,092 shares of the company’s stock worth $845,000 after acquiring an additional 2,354 shares during the period. Wellington Management Group LLP lifted its stake in shares of Axsome Therapeutics by 18.9% in the 3rd quarter. Wellington Management Group LLP now owns 237,554 shares of the company’s stock worth $16,603,000 after acquiring an additional 37,843 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Axsome Therapeutics by 403.8% in the 3rd quarter. Victory Capital Management Inc. now owns 18,934 shares of the company’s stock worth $1,323,000 after acquiring an additional 15,176 shares during the period. Finally, Phocas Financial Corp. acquired a new stake in shares of Axsome Therapeutics in the 4th quarter worth approximately $2,140,000. 81.49% of the stock is owned by institutional investors and hedge funds.

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.