Axsome Therapeutics, Inc. (NASDAQ:AXSM) Sees Large Drop in Short Interest

Axsome Therapeutics, Inc. (NASDAQ:AXSM) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 7,080,000 shares, a decrease of 7.9% from the November 15th total of 7,690,000 shares. Based on an average trading volume of 459,900 shares, the short-interest ratio is currently 15.4 days.

Axsome Therapeutics Price Performance

Shares of AXSM stock opened at $93.51 on Wednesday. The firm’s 50 day moving average price is $93.14 and its two-hundred day moving average price is $87.58. The stock has a market cap of $4.53 billion, a PE ratio of -14.21 and a beta of 1.18. Axsome Therapeutics has a 52-week low of $64.11 and a 52-week high of $105.00. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.37 and a current ratio of 2.44.

Axsome Therapeutics (NASDAQ:AXSM) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.34) EPS for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. The business had revenue of $104.76 million during the quarter, compared to analysts’ expectations of $98.71 million. During the same period in the previous year, the firm earned ($1.32) earnings per share. As a group, analysts forecast that Axsome Therapeutics will post -4.6 EPS for the current year.

Institutional Trading of Axsome Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. grew its holdings in Axsome Therapeutics by 47.5% during the third quarter. Franklin Resources Inc. now owns 160,534 shares of the company’s stock valued at $13,713,000 after purchasing an additional 51,696 shares during the period. Geode Capital Management LLC boosted its position in shares of Axsome Therapeutics by 2.7% during the third quarter. Geode Capital Management LLC now owns 908,459 shares of the company’s stock worth $81,659,000 after purchasing an additional 23,564 shares in the last quarter. Barclays PLC grew its holdings in shares of Axsome Therapeutics by 279.6% in the 3rd quarter. Barclays PLC now owns 61,785 shares of the company’s stock valued at $5,552,000 after buying an additional 45,509 shares during the period. Wellington Management Group LLP increased its position in shares of Axsome Therapeutics by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 742,745 shares of the company’s stock valued at $66,750,000 after buying an additional 8,125 shares in the last quarter. Finally, Iron Triangle Partners LP acquired a new stake in Axsome Therapeutics during the 3rd quarter worth $22,671,000. 81.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AXSM has been the subject of several research analyst reports. Robert W. Baird lifted their price objective on Axsome Therapeutics from $112.00 to $116.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Royal Bank of Canada lifted their price target on Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $121.00 price target on shares of Axsome Therapeutics in a research report on Thursday, December 12th. Wells Fargo & Company initiated coverage on shares of Axsome Therapeutics in a research report on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective for the company. Finally, StockNews.com raised shares of Axsome Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $125.93.

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.