Axsome Therapeutics (NASDAQ:AXSM) Reaches New 52-Week High - Should You Buy?

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $101.50 and last traded at $101.07, with a volume of 301797 shares changing hands. The stock had previously closed at $90.98.

Analyst Upgrades and Downgrades

AXSM has been the topic of a number of recent analyst reports. UBS Group decreased their price target on Axsome Therapeutics from $107.00 to $105.00 and set a "buy" rating on the stock in a report on Tuesday, August 6th. StockNews.com raised Axsome Therapeutics from a "sell" rating to a "hold" rating in a report on Tuesday, October 1st. Royal Bank of Canada lifted their target price on Axsome Therapeutics from $130.00 to $131.00 and gave the stock an "outperform" rating in a report on Friday, October 4th. Wells Fargo & Company started coverage on Axsome Therapeutics in a research report on Tuesday, September 3rd. They issued an "overweight" rating and a $140.00 price target for the company. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $107.00 price target on shares of Axsome Therapeutics in a research report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $124.64.

Axsome Therapeutics Trading Up 5.8 %

The business has a 50 day simple moving average of $90.31 and a 200-day simple moving average of $83.62. The company has a current ratio of 2.48, a quick ratio of 2.40 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of -15.53 and a beta of 1.26.

Insider Activity

In other news, Director Mark E. Saad sold 11,016 shares of Axsome Therapeutics stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $91.31, for a total transaction of $1,005,870.96. Following the sale, the director now directly owns 10,002 shares of the company's stock, valued at approximately $913,282.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 22.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AXSM. Vanguard Group Inc. lifted its position in shares of Axsome Therapeutics by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,740,278 shares of the company's stock valued at $298,474,000 after acquiring an additional 43,512 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Axsome Therapeutics by 1.4% in the second quarter. Millennium Management LLC now owns 739,819 shares of the company's stock valued at $59,555,000 after purchasing an additional 10,401 shares in the last quarter. Bellevue Group AG boosted its position in shares of Axsome Therapeutics by 7.9% in the first quarter. Bellevue Group AG now owns 685,476 shares of the company's stock worth $54,701,000 after buying an additional 50,104 shares during the period. Hood River Capital Management LLC grew its holdings in shares of Axsome Therapeutics by 5.4% during the second quarter. Hood River Capital Management LLC now owns 549,066 shares of the company's stock valued at $44,200,000 after buying an additional 28,316 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Axsome Therapeutics by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 322,596 shares of the company's stock valued at $28,992,000 after buying an additional 12,778 shares during the period. 81.49% of the stock is owned by institutional investors and hedge funds.

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.

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