September 4, 2023 – Bank of New York Mellon Corp has reported a decrease in its stake in Axsome Therapeutics, Inc. by 2.6% during the first quarter of this year. According to the company’s most recent filing with the Securities and Exchange Commission (SEC), Bank of New York Mellon Corp now owns 125,116 shares of Axsome Therapeutics, down from its previous holding of 128,498 shares.
The decrease in position represents a sell-off of 3,382 shares by the institutional investor. Despite the reduction in shares, Bank of New York Mellon Corp still holds approximately 0.29% ownership stake in Axsome Therapeutics worth $7,717,000 as of its latest SEC filing.
Axsome Therapeutics recently released its earnings results on August 7th. The company reported earnings per share (EPS) of ($1.00) for the quarter, surpassing the consensus estimate by $0.24. This positive outcome is likely to have influenced Bank of New York Mellon Corp’s decision to hold onto a portion of its investment.
However, it is noteworthy that Axsome Therapeutics had a negative net margin of over 101% and a negative return on equity of approximately 92%. Despite these challenging figures, the business recorded revenue amounting to $46.70 million during the quarter, surpassing analysts’ consensus estimate of $40.19 million.
Sell-side analysts predict that Axsome Therapeutics will post earnings per share (EPS) totaling -4.04 for this fiscal year.
Axsome Therapeutics operates as a biopharmaceutical company focused on developing innovative therapies for central nervous system (CNS) disorders within the United States market. The company’s current commercial product portfolio includes Auvelity (dextromethorphan-bupropion), an N-methyl-D-aspartate receptor antagonist indicated for major depressive disorder treatment, and Sunosi (solriamfetol), a medication prescribed for excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.
Axsome Therapeutics continues to strive towards advancing its pipeline of CNS disorder treatments, aiming to provide effective solutions for patients in need. Investors such as Bank of New York Mellon Corp monitor these developments closely, adjusting their holdings accordingly based on factors including earnings performance and market outlook.
Please note that the referenced information is accurate as of September 4, 2023.
Axsome Therapeutics, Inc.
Updated on: 03/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Strong Sell
9:00 PM (UTC)
Date:02 December, 2023
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Rising Institutional Investments Indicate Growing Confidence in Axsome Therapeutics’ Potential
Axsome Therapeutics, Inc. has been attracting the attention of several large investors in recent months. JPMorgan Chase & Co., one of the world’s largest investment banks, increased its stake in the company by 0.5% during the first quarter. This move indicates a certain degree of confidence in the pharmaceutical company and its future prospects.
Raymond James Financial Services Advisors Inc., another prominent player in the financial industry, also acquired a new position in Axsome Therapeutics during the first quarter of this year. The value of this acquisition amounted to $732,000, further highlighting the interest surrounding the company.
MetLife Investment Management LLC joined the list of investors betting on Axsome Therapeutics by raising its stake in the company by an impressive 59% during the same period. With a total ownership of 17,348 shares valued at $718,000, MetLife’s increased investment demonstrates belief in Axsome’s potential growth.
Panagora Asset Management Inc., a leading global investment management firm, followed suit by acquiring a new position in Axsome Therapeutics worth $526,000 during the first quarter. The addition of Panagora to Axsome’s investor portfolio further underscores market confidence in the company.
Furthermore, Sei Investments Co., an international financial services firm with billions under management, increased its stake in Axsome Therapeutics by 1.3% during this time frame. The purchase of an additional 1,909 shares valued at $6,059,000 suggests Sei Investments Co.’s continued faith in Axsome’s performance.
With institutional investors and hedge funds currently owning 76.60% of Axsome Therapeutic’s stock, it is clear that these major players see potential value and growth opportunities within the company’s operations.
As for its stock performance on September 4th, Nasdaq: AXSM opened at $81.69 per share. Over the past year (from its 52-week low of $38.87 to its 52-week high of $91.29), Axsome Therapeutics has seen significant growth and is now valued at $3.86 billion.
Axsome Therapeutics currently holds a P/E ratio of -19.09, indicating that the company has not yet turned a profit. However, its beta value of 1.87 suggests that it is more volatile than the broader market.
In terms of technical indicators, Axsome Therapeutics has a 50-day simple moving average of $74.54 and a 200-day simple moving average of $71.49, demonstrating stability in its stock price over these periods.
Various analysts have recently commented on AXSM shares, providing insight into the stock’s potential performance. Guggenheim raised their price target on Axsome Therapeutics from $90.00 to $100.00, showing optimism about the company’s future prospects.
William Blair also reaffirmed an “outperform” rating for Axsome Therapeutics, further boosting investor confidence in the pharmaceutical firm.
However, StockNews.com took a different stance by initiating coverage on Axsome Therapeutics with a “sell” rating, potentially dampening some enthusiasm surrounding the company.
Cantor Fitzgerald echoed Guggenheim’s positive sentiment by reaffirming an “overweight” rating and setting a price target of $108.00 for the company’s stock.
Overall, Bloomberg reports that Axsome Therapeutics currently holds an average rating of “Moderate Buy” among analysts, with an average price target of $103.25 per share.
It remains essential for investors to conduct thorough research and analysis before making investment decisions regarding Axsome Therapeutics’ stock or any other financial instrument.