Axonics (NASDAQ:AXNX) Announces Quarterly Earnings Results

Axonics (NASDAQ:AXNX – Get Rating) released its quarterly earnings data on Thursday. The company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.13, MarketWatch Earnings reports. The firm had revenue of $48.42 million for the quarter, compared to analyst estimates of $45.37 million. Axonics had a negative net margin of 44.41% and a negative return on equity of 16.75%. The business’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.46) earnings per share.

Shares of AXNX stock traded down $4.24 during trading hours on Friday, hitting $48.02. 1,233,272 shares of the company’s stock were exchanged, compared to its average volume of 466,813. The firm has a market cap of $2.26 billion, a P/E ratio of -26.53 and a beta of 0.51. The firm has a 50 day moving average of $58.69 and a two-hundred day moving average of $57.26. Axonics has a fifty-two week low of $42.37 and a fifty-two week high of $79.81.

In related news, CEO Raymond W. Cohen sold 50,000 shares of the company’s stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $52.82, for a total transaction of $2,641,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Noblett sold 13,531 shares of the firm’s stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $57.23, for a total transaction of $774,379.13. The disclosure for this sale can be found here. Insiders have sold a total of 148,691 shares of company stock worth $8,451,811 in the last quarter. Insiders own 2.59% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley lifted its stake in shares of Axonics by 137.9% in the second quarter. Morgan Stanley now owns 189,927 shares of the company’s stock worth $12,043,000 after buying an additional 110,106 shares in the last quarter. UBS Group AG lifted its stake in Axonics by 6.6% in the 3rd quarter. UBS Group AG now owns 10,088 shares of the company’s stock worth $657,000 after purchasing an additional 627 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of Axonics by 443.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,150 shares of the company’s stock worth $530,000 after purchasing an additional 6,649 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Axonics by 33.5% in the third quarter. Bank of New York Mellon Corp now owns 196,272 shares of the company’s stock valued at $12,776,000 after purchasing an additional 49,243 shares in the last quarter. Finally, LPL Financial LLC acquired a new stake in shares of Axonics in the fourth quarter valued at approximately $211,000. Hedge funds and other institutional investors own 99.69% of the company’s stock.

AXNX has been the topic of several recent research reports. Zacks Investment Research raised shares of Axonics from a “sell” rating to a “hold” rating in a report on Friday. Piper Sandler upped their target price on Axonics from $75.00 to $77.00 in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and set a $62.00 price target on shares of Axonics in a research report on Tuesday, March 8th. Bank of America began coverage on Axonics in a research report on Wednesday, March 2nd. They issued a “buy” rating on the stock. Finally, Wolfe Research assumed coverage on shares of Axonics in a report on Tuesday, April 5th. They set an “outperform” rating and a $69.00 target price for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $70.17.

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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