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

Axonics, Inc. (NASDAQ:AXNX) was the recipient of a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 4,040,000 shares, a growth of 17.4% from the March 31st total of 3,440,000 shares. Based on an average trading volume of 919,900 shares, the days-to-cover ratio is presently 4.4 days.

Insider Transactions at Axonics

In related news, CEO Raymond W. Cohen sold 35,161 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total transaction of $2,381,806.14. Following the sale, the chief executive officer now owns 188,835 shares in the company, valued at $12,791,682.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Raymond W. Cohen sold 35,161 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total transaction of $2,381,806.14. Following the sale, the chief executive officer now owns 188,835 shares in the company, valued at $12,791,682.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John Woock sold 15,899 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total transaction of $1,076,998.26. Following the sale, the executive vice president now owns 77,403 shares in the company, valued at approximately $5,243,279.22. The disclosure for this sale can be found here. Insiders have sold 65,837 shares of company stock worth $4,459,798 over the last 90 days. 1.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axonics

A number of institutional investors and hedge funds have recently made changes to their positions in AXNX. SG Americas Securities LLC grew its stake in shares of Axonics by 763.5% during the 3rd quarter. SG Americas Securities LLC now owns 18,134 shares of the company’s stock worth $1,018,000 after purchasing an additional 16,034 shares during the period. Exchange Traded Concepts LLC acquired a new stake in Axonics in the 3rd quarter valued at about $37,000. Commonwealth Equity Services LLC acquired a new stake in Axonics in the 3rd quarter valued at about $230,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Axonics by 13.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,588 shares of the company’s stock valued at $594,000 after acquiring an additional 1,269 shares during the last quarter. Finally, BluePath Capital Management LLC acquired a new stake in Axonics in the third quarter worth about $217,000. 99.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. 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 note on Wednesday, January 10th. Piper Sandler reissued a “neutral” rating and issued a $71.00 price target (down from $75.00) on shares of Axonics in a research note on Friday, January 12th. SVB Leerink reaffirmed a “market perform” rating and set a $71.00 target price on shares of Axonics in a research note on Friday, January 12th. CL King reaffirmed a “neutral” rating on shares of Axonics in a research note on Friday, January 12th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $71.00 price target on shares of Axonics in a research report on Thursday, February 29th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $70.73.

Axonics Price Performance

Shares of AXNX stock traded up $0.15 during trading on Friday, reaching $66.69. The company’s stock had a trading volume of 318,433 shares, compared to its average volume of 921,149. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -512.96 and a beta of 0.56. The stock’s 50-day moving average price is $67.90 and its 200 day moving average price is $62.79. Axonics has a 1-year low of $47.59 and a 1-year high of $69.68.

Axonics (NASDAQ:AXNX) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $109.70 million during 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 revenue for the quarter was up 27.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.01 EPS. On average, sell-side analysts anticipate that Axonics will post 0.32 EPS for the current fiscal year.

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.