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

Axonics, Inc. (NASDAQ:AXNX) was the target of a significant decrease in short interest in 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 volume of 381,100 shares, the days-to-cover ratio is presently 8.2 days.

Axonics Price Performance

AXNX traded down $0.13 during trading hours on Thursday, hitting $70.16. 59,754 shares of the stock were exchanged, compared to its average volume of 708,009. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -219.22 and a beta of 0.82. Axonics has a 12 month low of $48.99 and a 12 month high of $70.53. The stock has a 50-day simple moving average of $69.51 and a 200-day simple moving average of $68.28.

Axonics (NASDAQ:AXNX) last issued its earnings results on Thursday, August 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $114.57 million for the quarter, compared to analysts’ expectations 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 was up 23.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.15) earnings per share. Sell-side analysts expect that Axonics will post 0.24 EPS for the current year.

Insider Activity

In other Axonics news, CFO Kari Leigh Keese sold 2,961 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $69.41, for a total value of $205,523.01. Following the transaction, the chief financial officer now owns 40,362 shares in the company, valued at $2,801,526.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AXNX. Janney Montgomery Scott LLC bought a new position in shares of Axonics during the first quarter worth about $218,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Axonics in the first quarter valued at approximately $16,573,000. Fifth Lane Capital LP acquired a new position in shares of Axonics during the first quarter worth approximately $5,518,000. Whittier Trust Co. grew its holdings in Axonics by 59.1% in the 1st quarter. Whittier Trust Co. now owns 1,142 shares of the company’s stock worth $79,000 after buying an additional 424 shares in the last quarter. Finally, Swiss National Bank increased its position in Axonics by 0.6% in the 1st quarter. Swiss National Bank now owns 100,000 shares of the company’s stock valued at $6,897,000 after acquiring an additional 600 shares during the period. 99.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Axonics in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $69.57.

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.