Axonics, Inc. (NASDAQ:AXNX) Sees Large Growth in Short Interest

Axonics, Inc. (NASDAQ:AXNX) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 3,440,000 shares, a growth of 17.0% from the March 15th total of 2,940,000 shares. Based on an average daily volume of 1,390,000 shares, the days-to-cover ratio is currently 2.5 days.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Piper Sandler restated a “neutral” rating and set a $71.00 price objective (down from $75.00) on shares of Axonics in a research report on Friday, January 12th. Truist Financial restated a “hold” rating and set a $71.00 price objective (down from $73.00) on shares of Axonics in a research report on Friday, January 12th. CL King reiterated a “neutral” rating on shares of Axonics in a report on Friday, January 12th. Wolfe Research downgraded Axonics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 9th. Finally, SVB Leerink reiterated a “market perform” rating and issued a $71.00 target price on shares of Axonics in a report on Friday, January 12th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Axonics has an average rating of “Hold” and a consensus target price of $70.73.

Insider Buying and Selling at Axonics

In other Axonics news, EVP John Woock sold 15,899 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $67.74, for a total value of $1,076,998.26. Following the completion of the transaction, the executive vice president now directly owns 77,403 shares in the company, valued at $5,243,279.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Kari Leigh Keese sold 3,489 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $67.74, for a total transaction of $236,344.86. Following the completion of the transaction, the chief financial officer now directly owns 43,323 shares in the company, valued at $2,934,700.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Woock sold 15,899 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $67.74, for a total value of $1,076,998.26. Following the transaction, the executive vice president now owns 77,403 shares of the company’s stock, valued at $5,243,279.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,837 shares of company stock worth $4,459,798. 1.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Almanack Investment Partners LLC. purchased a new position in Axonics in the third quarter worth $28,000. HighMark Wealth Management LLC boosted its position in Axonics by 200.0% in the third quarter. HighMark Wealth Management LLC now owns 525 shares of the company’s stock worth $29,000 after purchasing an additional 350 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in Axonics in the third quarter worth $37,000. NBC Securities Inc. raised its holdings in shares of Axonics by 106.4% in the 4th quarter. NBC Securities Inc. now owns 673 shares of the company’s stock valued at $41,000 after acquiring an additional 347 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of Axonics by 64.6% in the 1st quarter. Captrust Financial Advisors now owns 706 shares of the company’s stock valued at $44,000 after acquiring an additional 277 shares in the last quarter. Hedge funds and other institutional investors own 99.48% of the company’s stock.

Axonics Trading Down 0.1 %

Shares of NASDAQ:AXNX traded down $0.06 during mid-day trading on Tuesday, hitting $67.27. 271,051 shares of the company traded hands, compared to its average volume of 1,319,464. The stock has a market cap of $3.43 billion, a P/E ratio of -517.88 and a beta of 0.56. Axonics has a 12-month low of $47.59 and a 12-month high of $69.68. The stock has a 50-day moving average price of $68.09 and a two-hundred day moving average price of $62.21.

Axonics (NASDAQ:AXNX) last announced its earnings results on Wednesday, February 28th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $109.70 million for the quarter, compared to analysts’ expectations of $107.33 million. Axonics had a negative return on equity of 1.00% and a negative net margin of 1.66%. Axonics’s quarterly revenue was up 27.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.01 earnings per share. As a group, analysts expect that Axonics will post 0.32 earnings per share for the current year.

About Axonics

Axonics, Inc, a medical technology company, engages in the development and commercialization of novel products for the treatment of bladder and bowel dysfunction. Its sacral neuromodulation (SNM) systems are used to treat patients with overactive bladder (OAB), including urinary urge incontinence and urinary urgency frequency, as well as fecal incontinence (FI) and non-obstructive urinary retention (UR); and rechargeable (R20) and recharge-free (F15) implantable SNM systems that delivers mild electrical pulses to the targeted sacral nerve to restore normal communication to and from the brain to reduce the symptoms of OAB, UR, and FI.