Axonics (NASDAQ:AXNX) Hits New 52-Week High – Still a Buy?

Axonics, Inc. (NASDAQ:AXNX)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $69.96 and last traded at $69.88, with a volume of 375083 shares changing hands. The stock had previously closed at $69.66.

Analyst Upgrades and Downgrades

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

Axonics Price Performance

The stock’s fifty day simple moving average is $69.08 and its two-hundred day simple moving average is $68.10.

Axonics (NASDAQ:AXNX) last issued its earnings results on Thursday, August 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 previous year, the business earned ($0.15) EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. Equities research analysts expect that Axonics, Inc. will post 0.24 earnings per share for the current year.

Insider Activity at Axonics

In other Axonics news, CFO Kari Leigh Keese sold 2,961 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $69.41, for a total value of $205,523.01. Following the completion of the transaction, the chief financial officer now owns 40,362 shares in the company, valued at $2,801,526.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.85% of the stock is owned by insiders.

Institutional Trading of Axonics

Several large investors have recently modified their holdings of AXNX. KRYGER CAPITAL Ltd purchased a new stake in Axonics during the 1st quarter worth approximately $65,211,000. Magnetar Financial LLC boosted its stake in Axonics by 218.3% during the 1st quarter. Magnetar Financial LLC now owns 1,146,019 shares of the company’s stock valued at $79,041,000 after acquiring an additional 785,981 shares during the last quarter. Absolute Gestao de Investimentos Ltda. bought a new position in Axonics during the 2nd quarter valued at $32,681,000. Alpine Associates Management Inc. grew its holdings in 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 acquiring an additional 294,100 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Axonics in the 1st quarter worth about $16,573,000. 99.48% of the stock is currently owned by institutional investors and hedge funds.

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.