Axsome Therapeutics (NASDAQ:AXSM) Shares Gap Up Following Analyst Upgrade

Axsome Therapeutics, Inc. (NASDAQ:AXSM) shares gapped up before the market opened on Monday after Bank of America raised their price target on the stock from $143.00 to $167.00. The stock had previously closed at $105.76, but opened at $123.44. Bank of America currently has a buy rating on the stock. Axsome Therapeutics shares last traded at $126.02, with a volume of 1,176,853 shares changing hands.

AXSM has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $190.00 price target on shares of Axsome Therapeutics in a report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $121.00 target price on shares of Axsome Therapeutics in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft began coverage on shares of Axsome Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $176.00 price target for the company. Leerink Partners raised their price objective on shares of Axsome Therapeutics from $110.00 to $150.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Truist Financial upped their target price on shares of Axsome Therapeutics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $145.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AXSM. Assetmark Inc. purchased a new position in shares of Axsome Therapeutics during the 4th quarter valued at about $52,000. R Squared Ltd purchased a new stake in shares of Axsome Therapeutics in the fourth quarter worth $64,000. KBC Group NV raised its position in shares of Axsome Therapeutics by 40.5% during the 4th quarter. KBC Group NV now owns 1,336 shares of the company’s stock valued at $113,000 after purchasing an additional 385 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Axsome Therapeutics by 22.4% in the 3rd 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. Finally, Moors & Cabot Inc. purchased a new stake in Axsome Therapeutics in the 3rd quarter worth $200,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Stock Up 4.0 %

The company has a market capitalization of $6.41 billion, a PE ratio of -20.25 and a beta of 1.05. The company’s 50 day moving average is $95.28 and its two-hundred day moving average is $92.07. The company has a quick ratio of 2.37, a current ratio of 2.44 and a debt-to-equity ratio of 1.97.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.38) by $0.04. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. The business had revenue of $104.76 million during the quarter, compared to analyst estimates of $98.71 million. During the same period last year, the company earned ($1.32) EPS. On average, analysts anticipate that Axsome Therapeutics, Inc. will post -4.7 earnings per share for the current year.

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.