Wells Fargo & Company Forecasts Strong Price Appreciation for Axsome Therapeutics (NASDAQ:AXSM) Stock

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) had its target price lifted by Wells Fargo & Company from $140.00 to $160.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 22.00% from the stock's current price.

A number of other research analysts have also recently commented on AXSM. 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 research note on Wednesday, November 13th. Leerink Partners boosted their price objective on Axsome Therapeutics from $110.00 to $150.00 and gave the stock an "outperform" rating in a research note on Monday, February 10th. Cantor Fitzgerald restated an "overweight" rating and set a $121.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, December 12th. Mizuho boosted their price objective on Axsome Therapeutics from $137.00 to $195.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th. Finally, HC Wainwright restated a "buy" rating and set a $190.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, February 11th. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Axsome Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $147.13.

Axsome Therapeutics Stock Down 0.4 %

Axsome Therapeutics stock traded down $0.53 during midday trading on Wednesday, reaching $131.15. The stock had a trading volume of 1,064,118 shares, compared to its average volume of 954,569. The stock's 50-day simple moving average is $97.84 and its 200 day simple moving average is $93.32. Axsome Therapeutics has a twelve month low of $64.11 and a twelve month high of $134.18. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.44 and a quick ratio of 2.37.

Insider Activity

In other news, CFO Nick Pizzie sold 3,000 shares of the company's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $131.07, for a total transaction of $393,210.00. Following the completion of the transaction, the chief financial officer now directly owns 42,187 shares of the company's stock, valued at approximately $5,529,450.09. This represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 22.40% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

Several institutional investors have recently made changes to their positions in AXSM. Assetmark Inc. bought a new position in shares of Axsome Therapeutics during the fourth quarter valued at approximately $52,000. R Squared Ltd acquired a new position in shares of Axsome Therapeutics during the fourth quarter worth approximately $64,000. Aquatic Capital Management LLC acquired a new position in shares of Axsome Therapeutics during the fourth quarter worth approximately $76,000. KBC Group NV boosted its position in shares of Axsome Therapeutics by 40.5% during the fourth quarter. KBC Group NV now owns 1,336 shares of the company's stock worth $113,000 after buying an additional 385 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Axsome Therapeutics by 22.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,736 shares of the company's stock worth $156,000 after buying an additional 318 shares during the period. 81.49% of the stock is owned by institutional investors.

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.