Axonics (NASDAQ:AXNX) Hits New 12-Month High – Here’s Why

Axonics, Inc. (NASDAQ:AXNX)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $70.75 and last traded at $70.45, with a volume of 82242 shares trading hands. The stock had previously closed at $70.31.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Axonics in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $71.00.

Axonics Price Performance

The company has a market capitalization of $3.60 billion, a P/E ratio of -1,761.50 and a beta of 0.82. The company has a 50 day moving average of $69.62 and a 200-day moving average of $68.38.

Insider Transactions at Axonics

In related news, CFO Kari Leigh Keese sold 2,961 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $69.41, for a total transaction of $205,523.01. Following the completion of the transaction, the chief financial officer now owns 40,362 shares in the company, valued at $2,801,526.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On Axonics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC bought a new stake in Axonics during the 1st quarter valued at approximately $218,000. Whittier Trust Co. boosted its position in shares of Axonics by 59.1% during the first quarter. Whittier Trust Co. now owns 1,142 shares of the company’s stock valued at $79,000 after purchasing an additional 424 shares in the last quarter. Swiss National Bank grew its stake in Axonics by 0.6% in the first quarter. Swiss National Bank now owns 100,000 shares of the company’s stock worth $6,897,000 after purchasing an additional 600 shares during the period. Headlands Technologies LLC raised its holdings in Axonics by 31.1% in the first quarter. Headlands Technologies LLC now owns 1,117 shares of the company’s stock worth $77,000 after purchasing an additional 265 shares in the last quarter. Finally, QRG Capital Management Inc. purchased a new position in Axonics during the first quarter valued at $828,000. Hedge funds and other institutional investors 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.