Axonics (NASDAQ:AXNX) Sets New 12-Month High – Should You Buy?

Axonics, Inc. (NASDAQ:AXNX) hit a new 52-week high during trading on Thursday . The company traded as high as $71.05 and last traded at $70.97, with a volume of 1716677 shares. The stock had previously closed at $70.45.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Axonics in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, According to MarketBeat.com, Axonics presently has a consensus rating of “Hold” and a consensus target price of $71.00.

Axonics Stock Up 0.8 %

The business has a 50-day moving average of $69.78 and a 200-day moving average of $68.53. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -587.08 and a beta of 0.82.

Insider Activity

In other Axonics news, CFO Kari Leigh Keese sold 2,961 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $69.41, for a total transaction of $205,523.01. Following the transaction, the chief financial officer now directly owns 40,362 shares of the company’s stock, valued at $2,801,526.42. This represents a 6.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.85% of the stock is owned by corporate insiders.

Institutional Trading of Axonics

A number of institutional investors and hedge funds have recently modified their holdings of AXNX. Alpine Associates Management Inc. raised its holdings in Axonics by 3.3% in the 3rd quarter. Alpine Associates Management Inc. now owns 2,178,157 shares of the company’s stock worth $151,600,000 after acquiring an additional 69,286 shares during the period. Magnetar Financial LLC boosted its stake in Axonics by 218.3% during the 1st quarter. Magnetar Financial LLC now owns 1,146,019 shares of the company’s stock valued at $79,041,000 after purchasing an additional 785,981 shares during the period. KRYGER CAPITAL Ltd acquired a new stake in Axonics in the 1st quarter valued at approximately $65,211,000. Citigroup Inc. increased its position in Axonics by 7.8% in the 3rd quarter. Citigroup Inc. now owns 647,152 shares of the company’s stock worth $45,042,000 after buying an additional 46,841 shares during the period. Finally, Absolute Gestao de Investimentos Ltda. acquired a new position in shares of Axonics during the second quarter worth approximately $32,681,000. 99.48% of the stock is currently owned by institutional investors and hedge funds.

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.