Zacks Investment Research Upgrades Axsome Therapeutics (NASDAQ:AXSM) to “Hold”

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Axsome Therapeutics (NASDAQ:AXSM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Axsome Therapeutics, Inc. is a biopharmaceutical company. The company is focused on developing novel therapies for the management of pain and other central nervous system disorders. Its product candidate portfolio consists of AXS-02 and AXS-05 which are in clinical trial stage. Axsome Therapeutics, Inc. is based in New York. “

AXSM has been the topic of several other research reports. BidaskClub upgraded shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. SunTrust Banks assumed coverage on shares of Axsome Therapeutics in a research note on Tuesday, May 28th. They issued a “buy” rating on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 target price (up previously from $25.00) on shares of Axsome Therapeutics in a research note on Tuesday, May 28th. Finally, HC Wainwright reissued a “buy” rating and issued a $18.00 target price (up previously from $15.00) on shares of Axsome Therapeutics in a research note on Friday, March 15th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $30.83.

Shares of NASDAQ:AXSM traded down $0.12 on Friday, hitting $22.83. 567,400 shares of the company were exchanged, compared to its average volume of 1,939,043. Axsome Therapeutics has a one year low of $1.94 and a one year high of $26.45. The company has a debt-to-equity ratio of 1.08, a quick ratio of 5.68 and a current ratio of 5.68. The company has a market cap of $762.47 million, a price-to-earnings ratio of -19.85 and a beta of 2.78.

Axsome Therapeutics (NASDAQ:AXSM) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.01). Equities analysts predict that Axsome Therapeutics will post -1.29 EPS for the current year.

In other Axsome Therapeutics news, CFO Nick Pizzie bought 1,920 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were acquired at an average price of $20.80 per share, with a total value of $39,936.00. Following the completion of the purchase, the chief financial officer now directly owns 1,920 shares in the company, valued at approximately $39,936. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark Coleman purchased 4,650 shares of Axsome Therapeutics stock in a transaction on Monday, May 13th. The stock was purchased at an average price of $21.44 per share, for a total transaction of $99,696.00. Following the completion of the transaction, the director now owns 652,648 shares of the company’s stock, valued at $13,992,773.12. The disclosure for this purchase can be found here. In the last three months, insiders purchased 20,570 shares of company stock worth $347,837. 27.50% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in AXSM. Barclays PLC acquired a new position in Axsome Therapeutics in the fourth quarter valued at about $30,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in Axsome Therapeutics by 113.7% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,400 shares of the company’s stock worth $48,000 after purchasing an additional 1,809 shares during the period. Focused Wealth Management Inc bought a new position in Axsome Therapeutics in the 1st quarter worth approximately $64,000. Bank of New York Mellon Corp bought a new position in Axsome Therapeutics in the 4th quarter worth approximately $98,000. Finally, Weiss Asset Management LP bought a new position in Axsome Therapeutics in the 1st quarter worth approximately $171,000. Hedge funds and other institutional investors own 44.22% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in developing novel therapies for central nervous system (CNS) disorders in the United States. Its product pipeline includes AXS-05, which is in the Phase III clinical trial for the treatment resistant depression; Phase II/III clinical trials in agitation associated with Alzheimer's disease; and Phase II clinical trial for the treatment of smoking cessation, as well as for major depressive disorder.

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