Leerink Partnrs Has Optimistic View of AXSM FY2024 Earnings

Axsome Therapeutics, Inc. (NASDAQ:AXSM) – Analysts at Leerink Partnrs boosted their FY2024 EPS estimates for shares of Axsome Therapeutics in a research note issued on Tuesday, November 12th. Leerink Partnrs analyst M. Goodman now expects that the company will post earnings per share of ($4.77) for the year, up from their previous estimate of ($4.97). The consensus estimate for Axsome Therapeutics’ current full-year earnings is ($5.04) per share. Leerink Partnrs also issued estimates for Axsome Therapeutics’ Q4 2024 earnings at ($1.10) EPS, FY2025 earnings at ($3.10) EPS and FY2026 earnings at $0.35 EPS.

Other research analysts also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and set a $180.00 price objective on shares of Axsome Therapeutics in a report on Thursday, September 5th. 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. StockNews.com lowered Axsome Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $107.00 target price on shares of Axsome Therapeutics in a report on Monday, September 16th. Finally, Wells Fargo & Company began coverage on Axsome Therapeutics in a report on Tuesday, September 3rd. They set an “overweight” rating and a $140.00 price target for the company. One research analyst has rated the stock with a sell rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Axsome Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.93.

Axsome Therapeutics Stock Performance

Shares of AXSM opened at $93.17 on Friday. Axsome Therapeutics has a one year low of $56.66 and a one year high of $105.00. The company has a market cap of $4.52 billion, a PE ratio of -14.27 and a beta of 1.26. The stock has a 50-day moving average of $90.66 and a 200-day moving average of $84.27. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.44 and a quick ratio of 2.40.

Axsome Therapeutics (NASDAQ:AXSM) last issued its earnings results on Tuesday, November 12th. The company reported ($1.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.04. The business had revenue of $104.76 million during the quarter, compared to the consensus estimate of $98.71 million. Axsome Therapeutics had a negative return on equity of 158.36% and a negative net margin of 91.87%. During the same period in the previous year, the company posted ($1.32) earnings per share.

Insider Activity

In other Axsome Therapeutics news, Director Mark E. Saad sold 11,016 shares of the firm’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 sale, the director now owns 10,002 shares of the company’s stock, valued at $913,282.62. This trade represents a 52.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 22.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. bought a new position in shares of Axsome Therapeutics during the 2nd quarter valued at about $27,000. EntryPoint Capital LLC purchased a new stake in Axsome Therapeutics in the first quarter worth approximately $35,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Axsome Therapeutics during the second quarter valued at approximately $47,000. Russell Investments Group Ltd. raised its stake in shares of Axsome Therapeutics by 5,550.0% during the first quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock worth $63,000 after acquiring an additional 777 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Axsome Therapeutics by 54,750.0% during the first quarter. Covestor Ltd now owns 1,097 shares of the company’s stock worth $88,000 after acquiring an additional 1,095 shares in the last quarter. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

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.