Axonics, Inc. (NASDAQ:AXNX) Sees Significant Drop in Short Interest

Axonics, Inc. (NASDAQ:AXNX - Get Free Report) was the target of a large decrease in short interest in April. As of April 30th, there was short interest totalling 3,410,000 shares, a decrease of 15.6% from the April 15th total of 4,040,000 shares. Based on an average trading volume of 826,100 shares, the days-to-cover ratio is currently 4.1 days.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AXNX. Needham & Company LLC reissued a "hold" rating on shares of Axonics in a report on Monday, May 6th. Royal Bank of Canada reissued a "sector perform" rating and set a $71.00 target price on shares of Axonics in a research note on Thursday, February 29th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $70.73.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC raised its position in Axonics by 71.8% in the third quarter. FMR LLC now owns 4,558,444 shares of the company's stock valued at $255,820,000 after purchasing an additional 1,904,955 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Axonics in the 3rd quarter valued at about $35,745,000. Norges Bank acquired a new position in Axonics in the fourth quarter valued at about $37,645,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in Axonics in the first quarter valued at about $16,573,000. Finally, Picton Mahoney Asset Management purchased a new position in Axonics during the first quarter worth about $13,795,000. Institutional investors and hedge funds own 99.48% of the company's stock.

Axonics Stock Up 0.2 %

AXNX traded up $0.12 during trading on Tuesday, reaching $67.45. The company's stock had a trading volume of 403,385 shares, compared to its average volume of 1,143,694. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -210.78 and a beta of 0.60. The firm has a fifty day simple moving average of $67.71 and a two-hundred day simple moving average of $63.98. Axonics has a 1 year low of $47.59 and a 1 year high of $69.68.

Axonics (NASDAQ:AXNX - Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.38) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.32). The company had revenue of $91.41 million for the quarter, compared to analysts' expectations of $89.79 million. Axonics had a negative return on equity of 2.58% and a negative net margin of 4.12%. The business's quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.19) EPS. As a group, equities analysts forecast that Axonics will post 0.27 EPS for the current fiscal year.

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.