Needham & Company LLC Reiterates Hold Rating for Axonics (NASDAQ:AXNX)

Axonics (NASDAQ:AXNX)‘s stock had its “hold” rating reaffirmed by analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports.

Other analysts also recently issued research reports about the stock. Wolfe Research downgraded shares of Axonics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 9th. Wells Fargo & Company restated an “equal weight” rating and set a $71.00 target price (up from $68.00) on shares of Axonics in a research note on Wednesday, January 10th. SVB Leerink reaffirmed a “market perform” rating and issued a $71.00 target price on shares of Axonics in a research report on Friday, January 12th. Truist Financial restated a “hold” rating and issued a $71.00 target price (down previously from $73.00) on shares of Axonics in a research note on Friday, January 12th. Finally, Piper Sandler reissued a “neutral” rating and issued a $71.00 price objective (down from $75.00) on shares of Axonics in a report on Friday, January 12th. 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.com, Axonics has an average rating of “Hold” and an average target price of $70.73.

Axonics Stock Performance

AXNX opened at $67.38 on Monday. The company has a market cap of $3.44 billion, a PE ratio of -210.56 and a beta of 0.60. Axonics has a 1 year low of $47.59 and a 1 year high of $69.68. The firm has a 50 day moving average price of $67.76 and a 200 day moving average price of $63.53.

Axonics (NASDAQ:AXNX) last posted its earnings results on Tuesday, April 30th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.32). Axonics had a negative net margin of 4.12% and a negative return on equity of 2.58%. The business had revenue of $91.41 million for the quarter, compared to analyst estimates of $89.79 million. During the same quarter in the previous year, the firm posted ($0.19) EPS. The business’s revenue was up 29.4% compared to the same quarter last year. On average, sell-side analysts predict that Axonics will post 0.27 earnings per share for the current year.

Institutional Trading of Axonics

Large investors have recently modified their holdings of the company. FMR LLC grew its position in Axonics by 71.8% in the 3rd quarter. FMR LLC now owns 4,558,444 shares of the company’s stock worth $255,820,000 after purchasing an additional 1,904,955 shares during the last quarter. Artisan Partners Limited Partnership acquired a new stake in Axonics in the 3rd quarter valued at approximately $35,745,000. Norges Bank bought a new stake in Axonics during the 4th quarter valued at $37,645,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in Axonics during the 1st quarter worth $16,573,000. Finally, Intrinsic Edge Capital Management LLC grew its stake in shares of Axonics by 99.1% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 381,070 shares of the company’s stock worth $23,714,000 after purchasing an additional 189,716 shares in the last quarter. Institutional investors and hedge funds own 99.48% of the company’s stock.

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.