Alpine Associates Management Inc. Raises Stake in Axonics, Inc. (NASDAQ:AXNX)

Alpine Associates Management Inc. lifted its holdings in Axonics, Inc. (NASDAQ:AXNX) by 16.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,108,871 shares of the company’s stock after purchasing an additional 294,100 shares during the period. Axonics comprises approximately 6.8% of Alpine Associates Management Inc.’s holdings, making the stock its 2nd biggest position. Alpine Associates Management Inc. owned approximately 4.13% of Axonics worth $141,779,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AXNX. Truist Financial Corp raised its stake in Axonics by 16.3% during the 4th quarter. Truist Financial Corp now owns 4,883 shares of the company’s stock worth $304,000 after acquiring an additional 685 shares during the period. Victory Capital Management Inc. raised its stake in Axonics by 23.1% during the 4th quarter. Victory Capital Management Inc. now owns 6,760 shares of the company’s stock worth $421,000 after acquiring an additional 1,270 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Axonics by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 403,253 shares of the company’s stock worth $25,094,000 after acquiring an additional 8,385 shares during the period. Dimensional Fund Advisors LP raised its stake in Axonics by 6.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 922,295 shares of the company’s stock worth $57,397,000 after acquiring an additional 56,418 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Axonics by 461.1% during the 4th quarter. Principal Financial Group Inc. now owns 65,668 shares of the company’s stock worth $4,087,000 after acquiring an additional 53,965 shares during the period. Institutional investors own 99.48% of the company’s stock.

Axonics Price Performance

Shares of AXNX opened at $68.83 on Monday. Axonics, Inc. has a 1 year low of $48.30 and a 1 year high of $69.68. The company has a 50 day simple moving average of $68.54 and a two-hundred day simple moving average of $67.90. The firm has a market cap of $3.52 billion, a P/E ratio of -215.09 and a beta of 0.81.

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

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC restated a “hold” rating on shares of Axonics in a research note on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average 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.