Selected stock price target news of the day - August 08, 2023

By: Matthew Otto

 

Axsome Therapeutics Releases Q2 Results and Expands Pipeline

 

For the second quarter of 2023, Axsome Therapeutics reported EPS of ($1.54), $0.30 worse than the analyst estimate of ($1.24), and total net product sales of $46.7 million versus the consensus estimate of $40.89 million, driven by the successful commercialization of their innovative products, Auvelity and Sunosi. Auvelity’s prescription growth, with approximately 53,000 prescriptions reported in Q2 alone, underscores its launch trajectory. Additionally, Sunosi marked a year of commercialization by Axsome, achieving 15% year-over-year growth in total prescriptions and demonstrating a demand for its unique wake-promoting capabilities.

 

In addition, Axsome Therapeutics showcased advancements in their pipeline during the quarter. The company initiated a focused Phase 3 trial for solriamfetol, targeting attention deficit hyperactivity disorder (ADHD), and announced plans to explore two new high-value potential indications: binge eating disorder and excessive sleepiness associated with shift work disorder.

 

Analysts Adjust Ratings and Price Targets for Axsome Therapeutics

  • BofA Securities analyst Jason Gerberry upgraded from Underperform to Neutral rating and the price target from $59 to $81.
  • HC Wainwright analyst Raghuram Selvaraju maintained a Buy rating and lowered the price target from $190 to $180.
  • Piper Sandler analyst David Amsellem upgraded from Neutral to Overweight and the price target from $70 to $90.

 

Analyst Charles Duncan (CANTOR FITZGERALD) currently has the highest performing score on AXSM with 7/13 (53.85%) price target fulfillment ratio. His price targets carry an average of $25 (46.31%) potential upside. Axsome Therapeutics stock price reaches these price targets on average within 49 days.

 

Alteryx Q2 2023 Earnings Call Highlights Innovation and Adaptation Strategies

 

Alteryx unveiled its Q2 2023 financial results during an earnings conference call. The company reported EPS of ($0.37), $0.30 better than the analyst estimate of ($0.67), and a 4% year-over-year increase in revenue, reaching $188 million versus the consensus estimate of $182.06 million. While the revenue performance surpassed expectations, the annualized recurring revenue (ARR) of $890 million fell slightly below the guided range, reflecting challenges in customer buying behavior towards the end of the quarter. Mark Anderson, Alteryx’s CEO, highlighted the company’s commitment to innovation and its strategic initiatives, particularly in the realms of generative AI and cloud-connected experiences.

Analyst Ratings Reflect Divergent Views on Alteryx

  • Needham analyst Mike Cikos maintained a Buy rating and lowered the price target from $55 to $35.
  • Piper Sandler analyst Brent Bracelin downgraded from Overweight to Neutral and the price target from $68 to $30.
  • Citi analyst Tyler Radke reiterated a Buy rating and raised the price target from $70 to $73.

 

Analyst Brent Bracelin (PIPER SANDLER) currently has the highest performing score on AYX with 19/30 (63.33%) price target fulfillment ratio. His price targets carry an average of $15.95 (22.73%) potential upside. Alteryx stock price reaches these price targets on average within 34 days

PowerSchool Reports Q2 2023 Earnings Amid Innovations and Expansion

 

PowerSchool financial results for the second quarter of 2023 reported EPS of $0.23, $0.01 better than the analyst estimate of $0.22. The company’s CEO, Hardeep Gulati, also highlighted the quarter’s achievements, including revenue growth of 10% year-over-year, reaching $174 million versus the consensus estimate of $171.85 million. Adjusted EBITDA grew by 26% year-over-year to $61 million, surpassing expectations and reflecting a 35% margin. The company’s expanding platform, innovative data solutions, and strategic partnerships were credited for the given performance.

 

One of the key highlights of the quarter was the record-breaking momentum in customer bookings, with an increase in large deals over $1 million in combined ARR and non-recurring revenue. The company secured five such deals in the quarter, compared to $11 million in the first half of the previous year. This surge in large deals underscored PowerSchool’s positioning in the education technology market. The acquisition of SchoolMessenger, K-12 communication tool provider, was another move.

 

Furthermore, PowerSchool’s commitment to global expansion was evident through strategic partnerships, such as its collaboration with Samart Telcoms to support growth in Thailand and neighboring regions. The company’s cross-selling strategy and continued investments in research and development led to a 10% increase in annual recurring revenue (ARR) and a remarkable net revenue retention rate of 109.5%.

Analysts Bullish on PowerSchool Holdings as Price Targets See Uplift

  • Barclays analyst Saket Kalia maintained an Overweight rating and raised the price target from $24 to $26.
  • Credit Suisse analyst Rich Hilliker upheld an Outperform rating and increased the price target from $27 to $29.
  • Raymond James analyst Brian Peterson maintained an Outperform rating and increased the price target from $23 to $25.
  • Needham analyst Ryan MacDonald reiterated a Buy rating and a price target of $26.
  • Piper Sandler analyst Arvind Ramnani reiterated an Overweight rating and the price target of  $27.

 

Analyst Saket Kalia (BARCLAYS) currently has the highest performing score on PWSC with 5/10 (50%) price target fulfillment ratio. His price targets carry an average of $5.56 (28.52%) potential upside. PowerSchool stock price reaches these price targets on average within 103 days

 

Daily stock Analysts Top Price Moves Snapshot