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

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $130.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 32.88% from the stock’s current price.

A number of other brokerages have also issued reports on AXSM. HC Wainwright reiterated a “buy” rating and issued a $180.00 price objective on shares of Axsome Therapeutics in a report on Thursday, September 5th. UBS Group dropped their price target on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. StockNews.com upgraded shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, October 1st. Royal Bank of Canada increased their price objective on Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, Bank of America raised Axsome Therapeutics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $95.00 to $106.00 in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $124.93.

Axsome Therapeutics Stock Performance

NASDAQ AXSM opened at $97.83 on Tuesday. Axsome Therapeutics has a fifty-two week low of $56.66 and a fifty-two week high of $105.00. The stock has a market cap of $4.65 billion, a PE ratio of -14.98 and a beta of 1.26. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.40 and a current ratio of 2.44. The firm’s fifty day moving average price is $90.59 and its two-hundred day moving average price is $84.05.

Axsome Therapeutics (NASDAQ:AXSM) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. The business had revenue of $104.76 million for the quarter, compared to analyst estimates of $98.71 million. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. During the same quarter in the previous year, the company posted ($1.32) EPS. On average, equities analysts expect that Axsome Therapeutics will post -5.12 EPS for the current fiscal year.

Insider Activity at Axsome Therapeutics

In other Axsome Therapeutics news, Director Mark E. Saad sold 11,016 shares of Axsome Therapeutics stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $91.31, for a total value of $1,005,870.96. Following the completion of the sale, the director now directly owns 10,002 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. 22.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. bought a new position in shares of Axsome Therapeutics during the 2nd quarter worth about $27,000. EntryPoint Capital LLC bought a new position in Axsome Therapeutics in the first quarter worth approximately $35,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Axsome Therapeutics during the second quarter valued at approximately $47,000. Russell Investments Group Ltd. raised its position in shares of Axsome Therapeutics by 5,550.0% during the first quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock worth $63,000 after purchasing an additional 777 shares during the period. Finally, Covestor Ltd raised its position in shares of Axsome Therapeutics by 54,750.0% during the first quarter. Covestor Ltd now owns 1,097 shares of the company’s stock worth $88,000 after purchasing an additional 1,095 shares during the period. 81.49% of the stock is currently 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.