Axonics (NASDAQ:AXNX) Hits New 1-Year High – Time to Buy?

Axonics, Inc. (NASDAQ:AXNX)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $70.75 and last traded at $70.45, with a volume of 82242 shares. The stock had previously closed at $70.31.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Axonics in a research report on Friday. Eight investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $71.00.

Axonics Price Performance

The firm has a market capitalization of $3.60 billion, a PE ratio of -1,760.31 and a beta of 0.82. The business’s 50-day moving average price is $69.68 and its 200-day moving average price is $68.41.

Insider Activity

In related news, CFO Kari Leigh Keese sold 2,961 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $69.41, for a total value of $205,523.01. Following the transaction, the chief financial officer now owns 40,362 shares in the company, valued at $2,801,526.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On Axonics

A number of large investors have recently bought and sold shares of AXNX. KRYGER CAPITAL Ltd purchased a new stake in Axonics in the 1st quarter valued at approximately $65,211,000. Magnetar Financial LLC boosted its stake in shares of Axonics by 218.3% in the first quarter. Magnetar Financial LLC now owns 1,146,019 shares of the company’s stock valued at $79,041,000 after buying an additional 785,981 shares in the last quarter. Absolute Gestao de Investimentos Ltda. acquired a new position in Axonics during the second quarter worth $32,681,000. Alpine Associates Management Inc. raised its position in Axonics by 16.2% in the second 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, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Axonics in the second quarter valued at $15,080,000. Hedge funds and other institutional investors own 99.48% of the company’s stock.

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.