Short Interest in Axonics, Inc. (NASDAQ:AXNX) Decreases By 12.8%

Axonics, Inc. (NASDAQ:AXNX) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,140,000 shares, a decrease of 12.8% from the September 30th total of 3,600,000 shares. Based on an average daily trading volume, of 381,100 shares, the days-to-cover ratio is currently 8.2 days.

Insiders Place Their Bets

In other Axonics news, CFO Kari Leigh Keese sold 2,961 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 40,362 shares in the company, valued at approximately $2,801,526.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Axonics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Alpine Associates Management Inc. lifted its holdings in shares of Axonics by 16.2% during the 2nd quarter. Alpine Associates Management Inc. now owns 2,108,871 shares of the company’s stock valued at $141,779,000 after acquiring an additional 294,100 shares in the last quarter. Magnetar Financial LLC increased its position in shares of Axonics by 218.3% in the 1st quarter. Magnetar Financial LLC now owns 1,146,019 shares of the company’s stock worth $79,041,000 after purchasing an additional 785,981 shares during the last quarter. KRYGER CAPITAL Ltd bought a new stake in shares of Axonics in the 1st quarter worth about $65,211,000. Absolute Gestao de Investimentos Ltda. bought a new stake in shares of Axonics in the 2nd quarter worth about $32,681,000. Finally, P Schoenfeld Asset Management LP increased its position in shares of Axonics by 65.6% in the 2nd quarter. P Schoenfeld Asset Management LP now owns 429,075 shares of the company’s stock worth $28,847,000 after purchasing an additional 170,000 shares during the last quarter. Institutional investors and hedge funds own 99.48% of the company’s stock.

Analyst Ratings Changes

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Axonics in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $69.57.

Axonics Price Performance

Shares of AXNX opened at $70.24 on Wednesday. The firm has a market cap of $3.58 billion, a PE ratio of -219.50 and a beta of 0.82. The company’s fifty day moving average is $69.49 and its two-hundred day moving average is $68.27. Axonics has a fifty-two week low of $48.30 and a fifty-two week high of $70.53.

Axonics (NASDAQ:AXNX) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The company had revenue of $114.57 million for the quarter, compared to analyst estimates of $112.83 million. Axonics had a negative net margin of 0.42% and a negative return on equity of 0.27%. Axonics’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.15) EPS. As a group, equities research analysts anticipate that Axonics will post 0.24 earnings per share for the current 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.