Needham & Company LLC Reiterates “Buy” Rating for Axsome Therapeutics (NASDAQ:AXSM)

Needham & Company LLC restated their buy rating on shares of Axsome Therapeutics (NASDAQ:AXSM) in a research note published on Monday morning, Benzinga reports. The firm currently has a $130.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the company. Cantor Fitzgerald reiterated an overweight rating and issued a $107.00 price objective on shares of Axsome Therapeutics in a report on Friday, July 26th. Royal Bank of Canada restated an outperform rating and set a $131.00 target price on shares of Axsome Therapeutics in a report on Monday, July 22nd. Citigroup dropped their target price on Axsome Therapeutics from $127.00 to $125.00 and set a buy rating for the company in a report on Tuesday, May 7th. HC Wainwright restated a buy rating and set a $190.00 target price on shares of Axsome Therapeutics in a report on Thursday, June 6th. Finally, Bank of America dropped their target price on Axsome Therapeutics from $97.00 to $95.00 and set a neutral rating for the company in a report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Axsome Therapeutics currently has an average rating of Moderate Buy and a consensus target price of $123.38.

Axsome Therapeutics Price Performance

AXSM opened at $85.00 on Monday. The stock has a 50-day moving average price of $79.95 and a 200-day moving average price of $79.41. Axsome Therapeutics has a 12-month low of $55.02 and a 12-month high of $98.40. The company has a current ratio of 3.20, a quick ratio of 3.09 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $4.04 billion, a P/E ratio of -13.32 and a beta of 1.26.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Monday, May 6th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.11. Axsome Therapeutics had a negative return on equity of 87.17% and a negative net margin of 118.07%. The firm had revenue of $75.00 million during the quarter, compared to analysts’ expectations of $69.91 million. Equities analysts predict that Axsome Therapeutics will post -4.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 7,910 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $74.31, for a total transaction of $587,792.10. Following the completion of the transaction, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $429,734.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Mark L. Jacobson sold 7,910 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $74.31, for a total value of $587,792.10. Following the completion of the transaction, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $429,734.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark Coleman sold 5,249 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $75.21, for a total value of $394,777.29. Following the completion of the transaction, the director now directly owns 19,848 shares of the company’s stock, valued at approximately $1,492,768.08. The disclosure for this sale can be found here. 22.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AXSM. SG Americas Securities LLC bought a new position in shares of Axsome Therapeutics in the 4th quarter worth approximately $170,000. DAVENPORT & Co LLC bought a new position in Axsome Therapeutics during the 4th quarter valued at approximately $304,000. WCM Investment Management LLC increased its position in Axsome Therapeutics by 9.2% during the 4th quarter. WCM Investment Management LLC now owns 104,808 shares of the company’s stock valued at $8,345,000 after buying an additional 8,845 shares in the last quarter. Phocas Financial Corp. bought a new position in Axsome Therapeutics during the 4th quarter valued at approximately $2,140,000. Finally, Handelsbanken Fonder AB increased its position in Axsome Therapeutics by 13.2% during the 4th quarter. Handelsbanken Fonder AB now owns 7,700 shares of the company’s stock valued at $613,000 after buying an additional 900 shares in the last quarter. Institutional investors own 81.49% of the company’s stock.

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.