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

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AXNX. Wells Fargo & Company reissued an “equal weight” rating and issued a $71.00 price target (up from $68.00) on shares of Axonics in a research report on Wednesday, January 10th. SVB Leerink reaffirmed a “market perform” rating and set a $71.00 price objective on shares of Axonics in a research report on Friday, January 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Axonics in a research report on Wednesday, January 17th. CL King reaffirmed a “neutral” rating on shares of Axonics in a research report on Friday, January 12th. Finally, Wolfe Research lowered shares of Axonics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 9th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.73.

Axonics Price Performance

Shares of Axonics stock traded down $0.06 during midday trading on Tuesday, hitting $67.27. The company had a trading volume of 271,051 shares, compared to its average volume of 1,319,464. The business’s 50 day simple moving average is $68.09 and its two-hundred day simple moving average is $62.21. The stock has a market cap of $3.43 billion, a PE ratio of -517.88 and a beta of 0.56. Axonics has a 1-year low of $47.59 and a 1-year high of $69.68.

Axonics (NASDAQ:AXNX) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.07. The business had revenue of $109.70 million for the quarter, compared to the consensus estimate of $107.33 million. Axonics had a negative net margin of 1.66% and a negative return on equity of 1.00%. Axonics’s quarterly revenue was up 27.7% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. On average, sell-side analysts expect that Axonics will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other Axonics news, EVP John Woock sold 15,899 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were 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 sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Karen Noblett sold 11,288 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total value of $764,649.12. Following the completion of the sale, the insider now directly owns 34,428 shares of the company’s stock, valued at $2,332,152.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Woock sold 15,899 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $67.74, for a total transaction of $1,076,998.26. Following the completion of the sale, the executive vice president now directly owns 77,403 shares of the company’s stock, valued at $5,243,279.22. The disclosure for this sale can be found here. Insiders sold a total of 65,837 shares of company stock worth $4,459,798 over the last ninety days. 1.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Axonics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC boosted its stake in Axonics by 71.8% during the third quarter. FMR LLC now owns 4,558,444 shares of the company’s stock worth $255,820,000 after buying an additional 1,904,955 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Axonics during the third quarter worth $68,499,000. Norges Bank acquired a new stake in Axonics during the fourth quarter worth $76,440,000. Vanguard Group Inc. boosted its stake in Axonics by 32.2% during the third quarter. Vanguard Group Inc. now owns 4,073,473 shares of the company’s stock worth $286,935,000 after buying an additional 991,055 shares in the last quarter. Finally, Artisan Partners Limited Partnership acquired a new stake in Axonics during the third quarter worth $35,745,000. Institutional investors and hedge funds own 99.48% of the company’s stock.

Axonics Company Profile

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.