Axsome Therapeutics (NASDAQ:AXSM) Upgraded to Hold at Zacks Investment Research

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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 Tuesday, 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. “

Other research analysts also recently issued research reports about the company. SunTrust Banks started coverage on Axsome Therapeutics in a research note on Tuesday, May 28th. They issued a “buy” rating for the company. Cantor Fitzgerald restated 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. ValuEngine downgraded Axsome Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub downgraded Axsome Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, June 12th. Finally, HC Wainwright set a $30.00 price target on Axsome Therapeutics and gave the company a “buy” rating in a research report on Monday, June 24th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $30.83.

NASDAQ AXSM traded down $1.44 during trading hours on Tuesday, hitting $23.71. The company had a trading volume of 621,955 shares, compared to its average volume of 1,628,515. Axsome Therapeutics has a 52 week low of $1.94 and a 52 week high of $28.70. The firm has a 50 day simple moving average of $25.64 and a 200 day simple moving average of $19.17. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market capitalization of $855.30 million, a price-to-earnings ratio of -20.62 and a beta of 2.64.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Thursday, August 8th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.10). On average, research analysts forecast that Axsome Therapeutics will post -1.49 earnings per share for the current year.

In other Axsome Therapeutics news, CFO Nick Pizzie purchased 1,920 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was purchased at an average price of $20.80 per share, for a total transaction of $39,936.00. Following the transaction, the chief financial officer now owns 1,920 shares in the company, valued at approximately $39,936. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 27.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new position in Axsome Therapeutics in the 2nd quarter worth approximately $52,000. Focused Wealth Management Inc purchased a new position in Axsome Therapeutics in the 1st quarter worth approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Axsome Therapeutics in the 2nd quarter worth approximately $72,000. Schroder Investment Management Group purchased a new position in Axsome Therapeutics in the 2nd quarter worth approximately $76,000. Finally, Bank of New York Mellon Corp purchased a new position in Axsome Therapeutics in the 4th quarter worth approximately $98,000. 50.85% of the stock is currently owned by institutional investors.

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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