Leerink Partnrs Has Optimistic Outlook of AXSM Q3 Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM) – Analysts at Leerink Partnrs raised their Q3 2024 earnings per share estimates for Axsome Therapeutics in a research report issued on Tuesday, October 15th. Leerink Partnrs analyst M. Goodman now expects that the company will earn ($1.39) per share for the quarter, up from their prior forecast of ($1.42). The consensus estimate for Axsome Therapeutics’ current full-year earnings is ($4.73) per share. Leerink Partnrs also issued estimates for Axsome Therapeutics’ Q4 2024 earnings at ($1.25) EPS and FY2024 earnings at ($4.97) EPS.

AXSM has been the subject of several other research reports. Royal Bank of Canada raised their price target on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 target price on shares of Axsome Therapeutics in a report on Thursday, September 5th. Wells Fargo & Company assumed 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. HC Wainwright reiterated a “buy” rating and issued a $180.00 price objective on shares of Axsome Therapeutics in a research note on Thursday, September 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $107.00 target price on shares of Axsome Therapeutics in a research note on Monday, September 16th. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Axsome Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.64.

Axsome Therapeutics Stock Up 3.8 %

Shares of AXSM opened at $93.35 on Friday. The company’s 50-day simple moving average is $89.32 and its 200-day simple moving average is $81.33. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.40 and a current ratio of 2.48. Axsome Therapeutics has a 1 year low of $55.02 and a 1 year high of $98.40. The stock has a market capitalization of $4.43 billion, a PE ratio of -14.63 and a beta of 1.26.

Axsome Therapeutics (NASDAQ:AXSM) last posted its earnings results on Monday, August 5th. The company reported ($1.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.30) by $0.06. The firm had revenue of $87.17 million for the quarter, compared to analyst estimates of $84.53 million. Axsome Therapeutics had a negative return on equity of 117.46% and a negative net margin of 105.85%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sofinnova Investments Inc. acquired a new position in shares of Axsome Therapeutics in the 2nd quarter valued at $24,971,000. Tri Locum Partners LP increased its stake in Axsome Therapeutics by 198.4% in the second quarter. Tri Locum Partners LP now owns 306,513 shares of the company’s stock valued at $24,674,000 after purchasing an additional 203,802 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Axsome Therapeutics in the first quarter valued at $11,036,000. Hood River Capital Management LLC raised its holdings in shares of Axsome Therapeutics by 32.6% in the first quarter. Hood River Capital Management LLC now owns 520,750 shares of the company’s stock valued at $41,556,000 after buying an additional 127,997 shares during the last quarter. Finally, Affinity Asset Advisors LLC boosted its stake in shares of Axsome Therapeutics by 179.5% during the first quarter. Affinity Asset Advisors LLC now owns 139,758 shares of the company’s stock worth $11,153,000 after buying an additional 89,758 shares during the period. Institutional investors and hedge funds own 81.49% of the company’s stock.

Insider Buying and Selling at Axsome Therapeutics

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 47,739 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $84.26, for a total transaction of $4,022,488.14. Following the sale, the chief operating officer now owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Mark E. Saad sold 11,016 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $913,282.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mark L. Jacobson sold 47,739 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $84.26, for a total value of $4,022,488.14. Following the completion of the sale, the chief operating officer now directly owns 5,783 shares of the company’s stock, valued at approximately $487,275.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 22.40% of the stock is currently owned by insiders.

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.