Axsome Therapeutics (NASDAQ:AXSM) Stock Price Down 4.8% – Here’s Why

Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) fell 4.8% during mid-day trading on Monday . The company traded as low as $86.27 and last traded at $86.36. 211,169 shares were traded during trading, a decline of 65% from the average session volume of 609,253 shares. The stock had previously closed at $90.73.

Analyst Upgrades and Downgrades

AXSM has been the subject of a number of recent analyst reports. StockNews.com raised shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. Wells Fargo & Company initiated coverage on Axsome Therapeutics in a report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $130.00 price objective on shares of Axsome Therapeutics in a research note on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and set a $180.00 target price on shares of Axsome Therapeutics in a research note on Monday, November 25th. Finally, Royal Bank of Canada upped their target price on Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.93.

Axsome Therapeutics Stock Performance

The firm has a market cap of $4.22 billion, a price-to-earnings ratio of -13.32 and a beta of 1.18. The firm’s 50 day moving average is $93.68 and its 200-day moving average is $88.16. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.37 and a current ratio of 2.44.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.38) by $0.04. The company had revenue of $104.76 million during the quarter, compared to the consensus estimate 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 prior year, the company posted ($1.32) EPS. Sell-side analysts anticipate that Axsome Therapeutics, Inc. will post -4.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Axsome Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sofinnova Investments Inc. acquired a new stake in shares of Axsome Therapeutics in the second quarter worth $24,971,000. Iron Triangle Partners LP acquired a new position in Axsome Therapeutics during the 3rd quarter worth $22,671,000. Tri Locum Partners LP boosted its holdings in Axsome Therapeutics by 198.4% during the second quarter. Tri Locum Partners LP now owns 306,513 shares of the company’s stock valued at $24,674,000 after acquiring an additional 203,802 shares during the period. FMR LLC grew its position in shares of Axsome Therapeutics by 20.6% in the third 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. Finally, Franklin Resources Inc. lifted its holdings in shares of Axsome Therapeutics by 47.5% during the third quarter. Franklin Resources Inc. now owns 160,534 shares of the company’s stock worth $13,713,000 after buying an additional 51,696 shares during the last quarter. Institutional investors and hedge funds 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.