Axsome Therapeutics (NASDAQ:AXSM) Stock Price Down 4.9% - Here's Why

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report)'s share price dropped 4.9% during trading on Tuesday . The company traded as low as $126.28 and last traded at $122.87. Approximately 96,290 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 639,633 shares. The stock had previously closed at $129.17.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Axsome Therapeutics from $190.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Mizuho increased their target price on Axsome Therapeutics from $212.00 to $216.00 and gave the company an "outperform" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Axsome Therapeutics in a research report on Tuesday, February 11th. They issued a "buy" rating and a $176.00 price objective on the stock. Robert W. Baird increased their price objective on Axsome Therapeutics from $132.00 to $160.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $153.00 target price on shares of Axsome Therapeutics in a research report on Wednesday, February 19th. One research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $167.64.

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Axsome Therapeutics Stock Performance

The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -19.79 and a beta of 1.00. The stock's fifty day simple moving average is $119.67 and its 200-day simple moving average is $101.09. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 3.22.

Axsome Therapeutics (NASDAQ:AXSM - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The company reported ($0.96) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.97) by $0.01. Axsome Therapeutics had a negative net margin of 74.47% and a negative return on equity of 223.51%. The business had revenue of $118.77 million for the quarter, compared to analyst estimates of $117.83 million. Analysts predict that Axsome Therapeutics, Inc. will post -2.79 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Nick Pizzie sold 3,000 shares of the firm'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 value of $393,210.00. Following the sale, the chief financial officer now directly owns 42,187 shares in the company, valued at $5,529,450.09. This trade represents a 6.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 22.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. BVF Inc. IL boosted its holdings in Axsome Therapeutics by 32.7% during the fourth quarter. BVF Inc. IL now owns 1,388,064 shares of the company's stock valued at $117,444,000 after acquiring an additional 342,064 shares during the period. FMR LLC boosted its stake in shares of Axsome Therapeutics by 20.6% in the 3rd quarter. FMR LLC now owns 1,088,087 shares of the company's stock valued at $97,786,000 after purchasing an additional 185,951 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Axsome Therapeutics by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 912,538 shares of the company's stock valued at $77,228,000 after buying an additional 4,079 shares during the period. Wellington Management Group LLP increased its stake in Axsome Therapeutics by 1.1% during the 3rd quarter. Wellington Management Group LLP now owns 742,745 shares of the company's stock worth $66,750,000 after purchasing an additional 8,125 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Axsome Therapeutics by 10.8% in the 4th quarter. Invesco Ltd. now owns 692,464 shares of the company's stock valued at $58,589,000 after acquiring an additional 67,285 shares in the last quarter. 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.