Axonics (NASDAQ:AXNX) Shares Gap Down to $71.18

Axonics, Inc. (NASDAQ:AXNX – Get Rating)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $71.18, but opened at $66.45. Axonics shares last traded at $66.71, with a volume of 10,009 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AXNX. Wells Fargo & Company boosted their price objective on Axonics from $80.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday. Piper Sandler boosted their target price on Axonics from $77.00 to $82.00 and gave the stock an “overweight” rating in a research report on Tuesday. Morgan Stanley boosted their target price on Axonics from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial boosted their target price on Axonics from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Needham & Company LLC upped their price objective on Axonics from $60.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Axonics currently has a consensus rating of “Buy” and an average target price of $78.00.

Axonics Trading Up 4.1 %

The company has a market capitalization of $3.40 billion, a PE ratio of -42.76 and a beta of 0.46. The firm has a fifty day moving average of $58.55 and a two-hundred day moving average of $55.82.

Axonics (NASDAQ:AXNX – Get Rating) last released its quarterly earnings results on Monday, August 1st. The company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.10. The business had revenue of $68.98 million during the quarter, compared to analyst estimates of $60.05 million. Axonics had a negative return on equity of 16.34% and a negative net margin of 35.19%. Axonics’s quarterly revenue was up 50.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.59) EPS. On average, equities analysts expect that Axonics, Inc. will post -2.18 EPS for the current fiscal year.

Insider Buying and Selling at Axonics

In other Axonics news, Director Jane E. Kiernan sold 5,250 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $60.00, for a total transaction of $315,000.00. Following the completion of the transaction, the director now owns 14,761 shares of the company’s stock, valued at approximately $885,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Credit Suisse AG raised its position in shares of Axonics by 2.9% in the 4th quarter. Credit Suisse AG now owns 2,273,198 shares of the company’s stock worth $127,299,000 after acquiring an additional 64,421 shares in the last quarter. Bellevue Group AG raised its position in shares of Axonics by 9.5% in the 1st quarter. Bellevue Group AG now owns 2,049,205 shares of the company’s stock worth $128,280,000 after acquiring an additional 177,191 shares in the last quarter. Loomis Sayles & Co. L P raised its position in shares of Axonics by 11.9% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,538,387 shares of the company’s stock worth $96,303,000 after acquiring an additional 164,152 shares in the last quarter. Invesco Ltd. raised its position in shares of Axonics by 8.6% in the 1st quarter. Invesco Ltd. now owns 1,171,343 shares of the company’s stock worth $73,326,000 after acquiring an additional 92,445 shares in the last quarter. Finally, Hood River Capital Management LLC grew its stake in shares of Axonics by 3.2% in the 1st quarter. Hood River Capital Management LLC now owns 1,057,837 shares of the company’s stock worth $66,221,000 after buying an additional 32,826 shares during the last quarter. Institutional investors own 99.69% of the company’s stock.

Axonics Company Profile

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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.