Axsome Therapeutics (NASDAQ:AXSM) Shares Down 6.9% - What's Next?

Axsome Therapeutics, Inc. (NASDAQ:AXSM - Get Free Report) shares were down 6.9% on Wednesday . The company traded as low as $92.66 and last traded at $90.78. Approximately 167,405 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 666,473 shares. The stock had previously closed at $97.55.

Analyst Upgrades and Downgrades

A number of research firms have commented on AXSM. Jefferies Financial Group assumed coverage on shares of Axsome Therapeutics in a research note on Monday, April 7th. They set a "buy" rating and a $200.00 price objective for the company. Bank of America raised their price objective on shares of Axsome Therapeutics from $143.00 to $167.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. Mizuho boosted their target price on shares of Axsome Therapeutics from $212.00 to $216.00 and gave the company an "outperform" rating in a research note on Thursday, March 27th. Truist Financial increased their target price on Axsome Therapeutics from $190.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $153.00 price target on shares of Axsome Therapeutics in a report on Wednesday, February 19th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $169.80.

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Axsome Therapeutics Price Performance

The company has a debt-to-equity ratio of 3.22, a current ratio of 2.11 and a quick ratio of 2.04. The stock has a market capitalization of $5.05 billion, a P/E ratio of -17.28 and a beta of 0.88. The stock's fifty day moving average is $119.51 and its 200-day moving average is $102.07.

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

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, CFO Nick Pizzie sold 3,000 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $131.07, for a total transaction of $393,210.00. Following the completion of the sale, the chief financial officer now directly owns 42,187 shares in the company, valued at $5,529,450.09. This represents a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 22.40% of the company's stock.

Hedge Funds Weigh In On Axsome Therapeutics

Large investors have recently made changes to their positions in the business. NBC Securities Inc. bought a new position in Axsome Therapeutics in the 1st quarter worth approximately $31,000. Raiffeisen Bank International AG acquired a new stake in shares of Axsome Therapeutics in the fourth quarter worth $51,000. Assetmark Inc. bought a new position in Axsome Therapeutics during the fourth quarter worth $52,000. R Squared Ltd bought a new position in Axsome Therapeutics during the fourth quarter worth $64,000. Finally, Aquatic Capital Management LLC acquired a new position in Axsome Therapeutics during the 4th quarter valued at $76,000. Institutional investors and hedge funds own 81.49% of the company's stock.

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.