Axonics (NASDAQ:AXNX) Given New $77.00 Price Target at Needham & Company LLC

Axonics (NASDAQ:AXNXGet Rating) had its price objective hoisted by Needham & Company LLC from $60.00 to $77.00 in a research note released on Tuesday morning, The Fly reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on AXNX. Truist Financial raised their target price on shares of Axonics from $75.00 to $85.00 and gave the stock a buy rating in a report on Tuesday. Wolfe Research assumed coverage on shares of Axonics in a report on Tuesday, April 5th. They set an outperform rating and a $69.00 target price for the company. Wells Fargo & Company raised their target price on shares of Axonics from $80.00 to $87.00 and gave the stock an overweight rating in a report on Tuesday. Finally, Piper Sandler raised their target price on shares of Axonics from $77.00 to $82.00 and gave the stock an overweight rating in a report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $78.00.

Axonics Trading Up 6.8 %

NASDAQ AXNX opened at $71.18 on Tuesday. The company has a fifty day simple moving average of $57.71 and a two-hundred day simple moving average of $55.59. The stock has a market cap of $3.35 billion, a P/E ratio of -39.33 and a beta of 0.46. Axonics has a 12-month low of $38.41 and a 12-month high of $79.81.

Axonics (NASDAQ:AXNXGet Rating) last posted its quarterly earnings results on Monday, August 1st. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.10. The business had revenue of $68.98 million during the quarter, compared to analysts’ expectations of $60.05 million. Axonics had a negative net margin of 41.28% and a negative return on equity of 16.54%. The business’s quarterly revenue was up 50.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.59) earnings per share. As a group, sell-side analysts forecast that Axonics will post -2.18 earnings per share for the current year.

Insider Activity

In other news, Director Jane E. Kiernan sold 5,250 shares of Axonics stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $60.00, for a total value of $315,000.00. Following the sale, the director now owns 14,761 shares in the company, valued at $885,660. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.31% of the company’s stock.

Institutional Trading of Axonics

Several institutional investors have recently modified their holdings of AXNX. Allspring Global Investments Holdings LLC acquired a new stake in shares of Axonics in the fourth quarter valued at about $30,653,000. State of New Jersey Common Pension Fund D boosted its position in Axonics by 27.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 46,725 shares of the company’s stock worth $2,617,000 after acquiring an additional 10,051 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Axonics by 30.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,008 shares of the company’s stock worth $280,000 after acquiring an additional 1,172 shares during the last quarter. C WorldWide Group Holding A S boosted its position in Axonics by 52.2% during the fourth quarter. C WorldWide Group Holding A S now owns 380,400 shares of the company’s stock worth $21,302,000 after acquiring an additional 130,400 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in Axonics by 23.1% during the fourth quarter. New York State Common Retirement Fund now owns 53,410 shares of the company’s stock worth $2,991,000 after acquiring an additional 10,040 shares during the last quarter. Institutional investors and hedge funds own 99.69% of the company’s stock.

About Axonics

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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.

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