Axonics (NASDAQ:AXNX) Shares Down 4.7% on Insider Selling

Axonics, Inc. (NASDAQ:AXNXGet Rating)’s stock price fell 4.7% on Thursday following insider selling activity. The company traded as low as $61.01 and last traded at $63.04. 8,247 shares traded hands during trading, a decline of 99% from the average session volume of 1,059,161 shares. The stock had previously closed at $66.12.

Specifically, CEO Raymond W. Cohen sold 40,736 shares of the firm’s stock in a transaction dated Friday, January 13th. The stock was sold at an average price of $65.94, for a total value of $2,686,131.84. Following the transaction, the chief executive officer now directly owns 108,899 shares of the company’s stock, valued at $7,180,800.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Axonics news, CEO Raymond W. Cohen sold 40,736 shares of the firm’s stock in a transaction dated Friday, January 13th. The stock was sold at an average price of $65.94, for a total value of $2,686,131.84. Following the transaction, the chief executive officer now directly owns 108,899 shares of the company’s stock, valued at $7,180,800.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Esteban Lopez sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $67.42, for a total value of $134,840.00. Following the completion of the transaction, the director now directly owns 3,600 shares in the company, valued at $242,712. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,966 shares of company stock valued at $7,247,046. 2.31% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AXNX. TheStreet upgraded Axonics from a “d+” rating to a “c” rating in a research note on Monday, October 31st. Truist Financial lowered their target price on Axonics from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Tuesday, December 20th. Piper Sandler raised their target price on Axonics from $82.00 to $84.00 and gave the company an “overweight” rating in a research note on Wednesday, October 5th. Wells Fargo & Company raised their target price on Axonics from $83.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, November 1st. Finally, Jefferies Financial Group began coverage on Axonics in a research note on Wednesday, October 12th. They set a “hold” rating and a $75.00 target price for the company. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.11.

Axonics Stock Down 0.3 %

The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -37.48 and a beta of 0.43. The stock has a 50 day moving average of $63.46 and a 200 day moving average of $67.10.

Axonics (NASDAQ:AXNXGet Rating) last posted its quarterly earnings results on Monday, October 31st. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.13. The business had revenue of $70.38 million during the quarter, compared to the consensus estimate of $62.98 million. Axonics had a negative return on equity of 15.63% and a negative net margin of 31.35%. The company’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.38) earnings per share. Analysts predict that Axonics, Inc. will post -1.59 earnings per share for the current year.

Hedge Funds Weigh In On Axonics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd acquired a new position in Axonics in the third quarter valued at approximately $26,000. Wipfli Financial Advisors LLC acquired a new position in Axonics in the third quarter valued at approximately $28,000. Almanack Investment Partners LLC. acquired a new position in Axonics in the third quarter valued at approximately $28,000. MCF Advisors LLC acquired a new position in Axonics in the third quarter valued at approximately $30,000. Finally, Captrust Financial Advisors boosted its stake in Axonics by 64.6% in the first quarter. Captrust Financial Advisors now owns 706 shares of the company’s stock valued at $44,000 after acquiring an additional 277 shares during the period. 97.49% of the stock is currently owned by institutional investors and hedge funds.

Axonics Company Profile

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Axonics, Inc is a medical device company, which engages in developing and commercializing of novel implantable sacral neuromodulation (SNM) devices to treat patients with bladder and bowel dysfunction. Its product Bulkamid, which is a urethral bulking agent used to treat stress urinary incontinence in women.

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