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

Axsome Therapeutics, Inc. (NASDAQ:AXSM) gapped up before the market opened 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 traded.

AXSM has been the topic of several other research reports. Truist Financial upped their price target on shares of Axsome Therapeutics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $139.00 price objective on shares of Axsome Therapeutics in a report on Wednesday, January 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $121.00 price objective on shares of Axsome Therapeutics in a report on Thursday, December 12th. Leerink Partners boosted their price objective on Axsome Therapeutics from $110.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Robert W. Baird boosted their price objective on Axsome Therapeutics from $112.00 to $116.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One equities 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 a consensus rating of “Moderate Buy” and an average target price of $145.80.

Hedge Funds Weigh In On Axsome Therapeutics

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

Axsome Therapeutics Stock Performance

The firm has a market capitalization of $6.41 billion, a P/E ratio of -20.25 and a beta of 1.05. The stock has a fifty day simple moving average of $95.28 and a two-hundred day simple moving average of $92.07. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.44 and a quick ratio of 2.37.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. The business had revenue of $104.76 million during the quarter, compared to the consensus estimate 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 previous year, the company posted ($1.32) earnings per share. On average, research analysts predict that Axsome Therapeutics, Inc. will post -4.7 EPS for the current year.

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.