Insider Selling: Axonics, Inc. (NASDAQ:AXNX) CEO Sells 33,333 Shares of Stock

Axonics, Inc. (NASDAQ:AXNX) CEO Raymond W. Cohen sold 33,333 shares of Axonics stock in a transaction that occurred on Tuesday, June 8th. The shares were sold at an average price of $60.00, for a total transaction of $1,999,980.00. Following the sale, the chief executive officer now directly owns 284,607 shares of the company’s stock, valued at approximately $17,076,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of AXNX stock opened at $59.90 on Friday. The business’s fifty day simple moving average is $57.97. The firm has a market capitalization of $2.51 billion, a P/E ratio of -36.52 and a beta of 0.07. The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.53 and a current ratio of 9.50. Axonics, Inc. has a 12-month low of $32.15 and a 12-month high of $64.36.

Axonics (NASDAQ:AXNX) last announced its quarterly earnings data on Thursday, May 6th. The company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.16). The company had revenue of $32.90 million for the quarter, compared to analysts’ expectations of $27.89 million. Axonics had a negative net margin of 52.60% and a negative return on equity of 19.35%. Axonics’s quarterly revenue was up 25.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.43) earnings per share. As a group, sell-side analysts forecast that Axonics, Inc. will post -1.68 earnings per share for the current year.

Several analysts have recently weighed in on AXNX shares. Zacks Investment Research downgraded shares of Axonics from a “hold” rating to a “sell” rating in a research note on Tuesday, May 11th. Morgan Stanley lifted their price target on shares of Axonics from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, May 7th. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price target (up previously from $70.00) on shares of Axonics in a research note on Friday, May 7th. Finally, Needham & Company LLC lifted their price target on shares of Axonics from $71.00 to $72.00 and gave the company a “buy” rating in a research note on Friday, May 7th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Axonics has a consensus rating of “Buy” and a consensus target price of $66.11.

Institutional investors and hedge funds have recently made changes to their positions in the company. Eaton Vance Management purchased a new stake in Axonics in the first quarter valued at $30,000. US Bancorp DE raised its position in shares of Axonics by 106.5% during the 4th quarter. US Bancorp DE now owns 735 shares of the company’s stock worth $37,000 after purchasing an additional 379 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Axonics during the 1st quarter worth about $46,000. Nisa Investment Advisors LLC raised its position in shares of Axonics by 22.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company’s stock worth $55,000 after purchasing an additional 200 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Axonics during the 1st quarter worth about $80,000. 89.00% of the stock is currently owned by hedge funds and other institutional investors.

Axonics Company Profile

Axonics, Inc, a medical technology company, engages in the development and commercialization of sacral neuromodulation (SNM) systems. The company's SNM systems are used to treat patients with overactive bladder, including urinary urge incontinence and urinary urgency frequency, as well as fecal incontinence and non-obstructive urinary retention.

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