Axonics (NASDAQ:AXNX) Reaches New 1-Year High – Here’s What Happened

Axonics, Inc. (NASDAQ:AXNX)’s share price hit a new 52-week high on Thursday . The stock traded as high as $71.05 and last traded at $70.97, with a volume of 1716677 shares changing hands. The stock had previously closed at $70.45.

Analysts Set New Price Targets

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Axonics in a research report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $71.00.

Axonics Stock Performance

The stock’s fifty day simple moving average is $69.78 and its two-hundred day simple moving average is $68.53. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -587.08 and a beta of 0.82.

Insider Activity at Axonics

In related news, CFO Kari Leigh Keese sold 2,961 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $69.41, for a total transaction of $205,523.01. Following the completion of the sale, the chief financial officer now directly owns 40,362 shares in the company, valued at approximately $2,801,526.42. This trade represents a 6.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On Axonics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC lifted its stake in Axonics by 31.1% during the first quarter. Headlands Technologies LLC now owns 1,117 shares of the company’s stock valued at $77,000 after buying an additional 265 shares in the last quarter. Xponance Inc. lifted its position in shares of Axonics by 7.5% in the 2nd quarter. Xponance Inc. now owns 3,231 shares of the company’s stock valued at $217,000 after acquiring an additional 225 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Axonics in the 1st quarter worth approximately $218,000. Entropy Technologies LP purchased a new position in Axonics during the 3rd quarter worth approximately $395,000. Finally, Mercer Global Advisors Inc. ADV raised its stake in Axonics by 12.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 6,981 shares of the company’s stock valued at $469,000 after purchasing an additional 785 shares during the period. 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.