Cynosure Group LLC Invests $713,000 in Axsome Therapeutics, Inc. (NASDAQ:AXSM)

Cynosure Group LLC bought a new stake in Axsome Therapeutics, Inc. (NASDAQ:AXSM) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,930 shares of the company’s stock, valued at approximately $713,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its holdings 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 buying an additional 177 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 purchasing an additional 318 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Axsome Therapeutics in the second quarter valued at approximately $27,000. WCM Investment Management LLC raised its stake in shares of Axsome Therapeutics by 0.3% during the third quarter. WCM Investment Management LLC now owns 113,692 shares of the company’s stock worth $10,191,000 after purchasing an additional 347 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Axsome Therapeutics by 0.3% during the third quarter. US Bancorp DE now owns 133,126 shares of the company’s stock worth $11,964,000 after purchasing an additional 421 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wells Fargo & Company began coverage on shares of Axsome Therapeutics in a research note on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $180.00 price target on shares of Axsome Therapeutics in a research note on Monday. Needham & Company LLC restated a “buy” rating and issued a $130.00 price objective on shares of Axsome Therapeutics in a research report on Tuesday, November 12th. StockNews.com upgraded Axsome Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Robert W. Baird increased their target price on 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $124.93.

Insider Buying and Selling at Axsome Therapeutics

In related news, Director Mark E. Saad sold 11,016 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $91.31, for a total value of $1,005,870.96. Following the completion of the transaction, the director now owns 10,002 shares of the company’s stock, valued at approximately $913,282.62. The trade was a 52.41 % decrease in their position. 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 insiders.

Axsome Therapeutics Price Performance

Shares of NASDAQ AXSM opened at $99.65 on Thursday. 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 company’s 50-day moving average price is $91.37 and its 200 day moving average price is $85.57. Axsome Therapeutics, Inc. has a 52 week low of $64.11 and a 52 week high of $105.00. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of -15.26 and a beta of 1.26.

Axsome Therapeutics (NASDAQ:AXSM) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.34) EPS for the quarter, beating the consensus estimate 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 business had revenue of $104.76 million for the quarter, compared to analyst estimates of $98.71 million. During the same period in the prior year, the business earned ($1.32) earnings per share. As a group, research analysts forecast that Axsome Therapeutics, Inc. will post -4.75 earnings per share for the current fiscal year.

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.