Axonics (NASDAQ:AXNX) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Axonics (NASDAQ:AXNXGet Rating) from a sell rating to a hold rating in a research note released on Friday, Zacks.com reports.

According to Zacks, “Axonics Modulation Technologies Inc. is focused on development and commercialization of a novel implantable SNM system for patients with urinary and bowel dysfunction and disrupting the SNM market. Axonics Modulation Technologies Inc. is based in Irvine, CA. “

Other analysts have also recently issued reports about the company. SVB Leerink lifted their price target on Axonics from $60.00 to $65.00 and gave the stock an outperform rating in a report on Friday, February 25th. Piper Sandler raised their price objective on Axonics from $75.00 to $77.00 in a research note on Friday. Morgan Stanley lowered their price objective on Axonics from $73.00 to $69.00 and set an overweight rating on the stock in a research note on Friday, February 25th. Needham & Company LLC restated a buy rating and set a $62.00 price objective on shares of Axonics in a research note on Tuesday, March 8th. Finally, Bank of America initiated coverage on Axonics in a research note on Wednesday, March 2nd. They set a buy rating on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $70.17.

NASDAQ:AXNX traded down $4.24 during mid-day trading on Friday, hitting $48.02. 1,233,272 shares of the stock were exchanged, compared to its average volume of 466,813. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -26.53 and a beta of 0.51. The firm’s 50-day simple moving average is $58.69 and its 200 day simple moving average is $57.33. Axonics has a fifty-two week low of $42.37 and a fifty-two week high of $79.81.

Axonics (NASDAQ:AXNXGet Rating) last released its quarterly earnings results on Thursday, May 5th. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.13. The business had revenue of $48.42 million during the quarter, compared to analysts’ expectations of $45.37 million. Axonics had a negative return on equity of 16.75% and a negative net margin of 44.41%. The firm’s revenue for the quarter was up 40.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.46) EPS. As a group, equities analysts anticipate that Axonics will post -2.36 EPS for the current fiscal year.

In other news, Director Jane E. Kiernan sold 5,250 shares of the stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $60.50, for a total value of $317,625.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Danny L. Dearen sold 19,910 shares of the stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $57.70, for a total transaction of $1,148,807.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,691 shares of company stock worth $8,451,811. Corporate insiders own 2.59% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of AXNX. Marshall Wace LLP bought a new position in Axonics in the 4th quarter valued at approximately $38,882,000. Allspring Global Investments Holdings LLC bought a new position in Axonics in the 4th quarter valued at approximately $30,653,000. Goldman Sachs Group Inc. raised its holdings in Axonics by 400.5% in the 3rd quarter. Goldman Sachs Group Inc. now owns 609,952 shares of the company’s stock valued at $39,702,000 after buying an additional 488,095 shares during the last quarter. Norges Bank acquired a new stake in Axonics during the 4th quarter valued at approximately $22,834,000. Finally, BlackRock Inc. increased its position in Axonics by 13.5% during the 3rd quarter. BlackRock Inc. now owns 3,389,867 shares of the company’s stock valued at $220,647,000 after purchasing an additional 404,439 shares during the period. Institutional investors and hedge funds own 99.69% of the company’s stock.

About Axonics (Get Rating)

Axonics, Inc, a medical technology company, engages in the development and commercialization of sacral neuromodulation (SNM) systems. The company's SNM systems are used to treat patients with overactive bladder, including urinary urge incontinence and urinary urgency frequency, as well as fecal incontinence and non-obstructive urinary retention.

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