Axonics, Inc. (NASDAQ:AXNX) Receives Average Recommendation of “Buy” from Brokerages

Posted by on Jun 24th, 2022

Axonics, Inc. (NASDAQ:AXNX – Get Rating) has been assigned a consensus recommendation of “Buy” from the seven analysts that are covering the stock, Marketbeat reports. Six research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $70.17.

Several equities research analysts have recently weighed in on AXNX shares. Morgan Stanley reduced their price target on Axonics from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Friday, February 25th. Piper Sandler increased their price target on Axonics from $75.00 to $77.00 in a report on Friday, May 6th. Bank of America started coverage on Axonics in a report on Wednesday, March 2nd. They issued a “buy” rating on the stock. SVB Leerink increased their price target on Axonics from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, February 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $62.00 price target on shares of Axonics in a report on Tuesday, March 8th.

NASDAQ:AXNX opened at $56.63 on Friday. The stock has a 50-day simple moving average of $52.78 and a two-hundred day simple moving average of $54.26. Axonics has a 52-week low of $38.41 and a 52-week high of $79.81. The firm has a market capitalization of $2.67 billion, a PE ratio of -31.29 and a beta of 0.52.

Axonics (NASDAQ:AXNX – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.19. Axonics had a negative return on equity of 16.54% and a negative net margin of 41.28%. The company had revenue of $48.42 million during the quarter, compared to analyst estimates of $45.37 million. During the same period in the prior year, the company earned ($0.46) earnings per share. The firm’s revenue was up 40.9% on a year-over-year basis. On average, equities analysts anticipate that Axonics will post -2.18 earnings per share for the current year.

In related news, CEO Raymond W. Cohen sold 50,000 shares of the firm’s stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $60.00, for a total value of $3,000,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jane E. Kiernan sold 5,250 shares of the firm’s stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $60.50, for a total value of $317,625.00. The disclosure for this sale can be found here. Company insiders own 2.31% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co NY increased its stake in shares of Axonics by 2.3% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 11,759 shares of the company’s stock valued at $765,000 after purchasing an additional 265 shares in the last quarter. Captrust Financial Advisors boosted its holdings in Axonics by 64.6% in the 1st quarter. Captrust Financial Advisors now owns 706 shares of the company’s stock worth $44,000 after buying an additional 277 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Axonics by 6.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,207 shares of the company’s stock worth $326,000 after buying an additional 326 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Axonics by 15.5% during the 1st quarter. US Bancorp DE now owns 2,508 shares of the company’s stock worth $157,000 after purchasing an additional 337 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Axonics by 401.1% during the 1st quarter. Signaturefd LLC now owns 451 shares of the company’s stock worth $28,000 after purchasing an additional 361 shares during the last quarter. Hedge funds and other institutional investors own 99.69% of the company’s stock.

About Axonics (Get Rating)

Axonics, Inc, a medical technology company, engages in the development and commercialization of sacral neuromodulation (SNM) systems. The company's SNM systems are used to treat patients with overactive bladder, including urinary urge incontinence and urinary urgency frequency, as well as fecal incontinence and non-obstructive urinary retention.

Further Reading

Analyst Recommendations for Axonics (NASDAQ:AXNX)

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