Morgan Stanley Boosts Axonics (NASDAQ:AXNX) Price Target to $80.00

Axonics (NASDAQ:AXNXGet Rating) had its target price lifted by Morgan Stanley from $73.00 to $80.00 in a report released on Tuesday morning, Marketbeat Ratings reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on AXNX. Needham & Company LLC lifted their price target on shares of Axonics from $60.00 to $77.00 and gave the company a buy rating in a report on Tuesday. Piper Sandler boosted their target price on shares of Axonics from $77.00 to $82.00 and gave the stock an overweight rating in a report on Tuesday. Truist Financial boosted their target price on shares of Axonics from $75.00 to $85.00 and gave the stock a buy rating in a report on Tuesday. Wells Fargo & Company boosted their target price on shares of Axonics from $80.00 to $87.00 and gave the stock an overweight rating in a report on Tuesday. Finally, Wolfe Research began coverage on shares of Axonics in a report on Tuesday, April 5th. They issued an outperform rating and a $69.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Axonics currently has a consensus rating of Buy and a consensus price target of $78.00.

Axonics Stock Performance

Shares of NASDAQ AXNX opened at $71.00 on Tuesday. The company has a market cap of $3.34 billion, a P/E ratio of -42.01 and a beta of 0.46. The firm’s fifty day moving average is $58.92 and its two-hundred day moving average is $55.96. Axonics has a 52-week low of $38.41 and a 52-week high of $79.81.

Axonics (NASDAQ:AXNXGet Rating) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.10. The company had revenue of $68.98 million for the quarter, compared to the consensus estimate of $60.05 million. Axonics had a negative net margin of 35.19% and a negative return on equity of 16.34%. Axonics’s revenue for the quarter was up 50.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.59) EPS. As a group, analysts forecast that Axonics will post -1.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Axonics news, Director Jane E. Kiernan sold 5,250 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $60.00, for a total value of $315,000.00. Following the completion of the sale, the director now directly owns 14,761 shares of the company’s stock, valued at approximately $885,660. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Axonics

Several large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC raised its holdings in shares of Axonics by 401.1% in the 1st quarter. Signaturefd LLC now owns 451 shares of the company’s stock valued at $28,000 after purchasing an additional 361 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Axonics by 64.6% during the 1st quarter. Captrust Financial Advisors now owns 706 shares of the company’s stock worth $44,000 after acquiring an additional 277 shares in the last quarter. Strs Ohio bought a new position in shares of Axonics during the 2nd quarter worth approximately $45,000. Nisa Investment Advisors LLC raised its stake in shares of Axonics by 14.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,620 shares of the company’s stock worth $92,000 after acquiring an additional 200 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Axonics by 15.5% during the 1st quarter. US Bancorp DE now owns 2,508 shares of the company’s stock worth $157,000 after acquiring an additional 337 shares in the last quarter. 99.69% of the stock is owned by hedge funds and other institutional investors.

About Axonics

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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.

Further Reading

Analyst Recommendations for Axonics (NASDAQ:AXNX)

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