Sofinnova Investments Inc. Grows Position in Axonics, Inc. (NASDAQ:AXNX)

Sofinnova Investments Inc. raised its position in Axonics, Inc. (NASDAQ:AXNX) by 0.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,490 shares of the company’s stock after acquiring an additional 1,105 shares during the quarter. Sofinnova Investments Inc. owned approximately 0.29% of Axonics worth $10,117,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AXNX. Alpine Associates Management Inc. lifted its position in shares of Axonics by 16.2% during the 2nd quarter. Alpine Associates Management Inc. now owns 2,108,871 shares of the company’s stock worth $141,779,000 after purchasing an additional 294,100 shares during the last quarter. Headlands Technologies LLC boosted its position in shares of Axonics by 162.1% during the 2nd quarter. Headlands Technologies LLC now owns 2,928 shares of the company’s stock worth $197,000 after acquiring an additional 1,811 shares in the last quarter. Cowen AND Company LLC purchased a new position in shares of Axonics in the 2nd quarter valued at about $605,000. Quest Partners LLC purchased a new position in shares of Axonics in the 2nd quarter valued at about $2,163,000. Finally, Arizona State Retirement System raised its position in shares of Axonics by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 14,278 shares of the company’s stock worth $960,000 after acquiring an additional 355 shares in the last quarter. Institutional investors and hedge funds own 99.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC restated a “hold” rating on shares of Axonics in a research report on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $69.57.

Axonics Stock Up 0.3 %

AXNX opened at $69.02 on Tuesday. Axonics, Inc. has a 52 week low of $48.30 and a 52 week high of $69.68. The business has a 50 day moving average price of $68.54 and a two-hundred day moving average price of $67.90. The company has a market cap of $3.53 billion, a PE ratio of -215.69 and a beta of 0.81.

Axonics (NASDAQ:AXNX) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.10 by $0.03. Axonics had a negative return on equity of 0.27% and a negative net margin of 0.42%. The business had revenue of $114.57 million during the quarter, compared to analysts’ expectations of $112.83 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, sell-side analysts expect that Axonics, Inc. will post 0.24 EPS for the current fiscal year.

Axonics 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.