Axsome Therapeutics’ (AXSM) “Buy” Rating Reaffirmed at Needham & Company LLC

Axsome Therapeutics (NASDAQ:AXSM)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $133.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 60.28% from the company’s previous close.

A number of other research firms have also issued reports on AXSM. Mizuho dropped their target price on shares of Axsome Therapeutics from $124.00 to $122.00 and set an “outperform” rating for the company in a report on Tuesday, December 31st. StockNews.com raised shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. HC Wainwright reissued a “buy” rating on shares of Axsome Therapeutics in a report on Tuesday, December 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $121.00 price objective on shares of Axsome Therapeutics in a report on Thursday, December 12th. Finally, Robert W. Baird increased their target price on shares of Axsome Therapeutics from $112.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $129.43.

Axsome Therapeutics Price Performance

NASDAQ:AXSM traded up $2.93 during trading hours on Monday, reaching $82.98. 126,969 shares of the company were exchanged, compared to its average volume of 765,308. The company has a current ratio of 2.44, a quick ratio of 2.37 and a debt-to-equity ratio of 1.97. The stock’s 50-day moving average is $92.17 and its 200-day moving average is $89.16. The firm has a market cap of $4.02 billion, a PE ratio of -12.71 and a beta of 1.04. Axsome Therapeutics has a twelve month low of $64.11 and a twelve month high of $105.00.

Axsome Therapeutics (NASDAQ:AXSM) last posted 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. Axsome Therapeutics had a negative net margin of 91.87% and a negative return on equity of 158.36%. The company had revenue of $104.76 million during the quarter, compared to analysts’ expectations of $98.71 million. During the same period in the prior year, the business posted ($1.32) earnings per share. On average, sell-side analysts anticipate that Axsome Therapeutics will post -4.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds have recently modified their holdings of the business. Arizona State Retirement System grew its position in shares of Axsome Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 8,630 shares of the company’s stock worth $695,000 after acquiring an additional 177 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position 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 valued at $156,000 after buying an additional 318 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Axsome Therapeutics in the 2nd quarter valued at $27,000. WCM Investment Management LLC grew its position in Axsome Therapeutics by 0.3% in the 3rd quarter. WCM Investment Management LLC now owns 113,692 shares of the company’s stock valued at $10,191,000 after buying an additional 347 shares during the last quarter. Finally, US Bancorp DE grew its position in Axsome Therapeutics by 0.3% in the 3rd quarter. US Bancorp DE now owns 133,126 shares of the company’s stock valued at $11,964,000 after buying an additional 421 shares during the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

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.