Axonics (NASDAQ:AXNX) Shares Gap Down to $69.65

Axonics, Inc. (NASDAQ:AXNX - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $69.65, but opened at $67.58. Axonics shares last traded at $67.90, with a volume of 963,185 shares.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AXNX. Wolfe Research cut shares of Axonics from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, January 9th. Needham & Company LLC reissued a "hold" rating on shares of Axonics in a research note on Wednesday, January 17th. CL King reissued a "neutral" rating on shares of Axonics in a research note on Friday, January 12th. Royal Bank of Canada reissued a "sector perform" rating and issued a $71.00 price objective on shares of Axonics in a research note on Thursday, February 29th. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $71.00 price objective (up previously from $68.00) on shares of Axonics in a research note on Wednesday, January 10th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $70.73.

Axonics Price Performance

The firm's fifty day moving average price is $68.12 and its two-hundred day moving average price is $61.59. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -521.04 and a beta of 0.56.

Axonics (NASDAQ:AXNX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. Axonics had a negative net margin of 1.66% and a negative return on equity of 1.00%. The firm had revenue of $109.70 million for the quarter, compared to analyst estimates of $107.33 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The business's quarterly revenue was up 27.7% compared to the same quarter last year. On average, equities research analysts anticipate that Axonics, Inc. will post 0.32 earnings per share for the current year.

Insider Activity

In other news, CEO Raymond W. Cohen sold 35,161 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now owns 188,835 shares in the company, valued at $12,791,682.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Raymond W. Cohen sold 35,161 shares of the company's stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total value of $2,381,806.14. Following the sale, the chief executive officer now owns 188,835 shares in the company, valued at approximately $12,791,682.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kari Leigh Keese sold 3,489 shares of the company's stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $67.74, for a total transaction of $236,344.86. Following the completion of the sale, the chief financial officer now owns 43,323 shares in the company, valued at approximately $2,934,700.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,836 shares of company stock worth $5,563,729. Company insiders own 1.85% of the company's stock.

Institutional Investors Weigh In On Axonics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC purchased a new stake in Axonics in the 4th quarter worth approximately $610,000. Goldman Sachs Group Inc. raised its position in Axonics by 6.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 621,570 shares of the company's stock worth $38,680,000 after purchasing an additional 40,306 shares during the period. American International Group Inc. raised its position in Axonics by 1.0% in the 4th quarter. American International Group Inc. now owns 24,731 shares of the company's stock worth $1,539,000 after purchasing an additional 243 shares during the period. Price T Rowe Associates Inc. MD raised its position in Axonics by 5.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,069 shares of the company's stock worth $1,685,000 after purchasing an additional 1,416 shares during the period. Finally, Legal & General Group Plc grew its holdings in Axonics by 0.6% in the 4th quarter. Legal & General Group Plc now owns 50,877 shares of the company's stock worth $3,166,000 after acquiring an additional 282 shares during the last quarter. Hedge funds and other institutional investors 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.