BlackRock Fund Advisors recently announced the acquisition of new stake in Axonics Inc (NASDAQ:AXNX). The institutional investor has increased its shareholding in the Healthcare company by 3.44% to 3.38 million shares with purchase of 0.11 million shares. This fresh investment now brings its stake to 6.67% valued currently at $189.23 million. In addition, Fidelity Management & Research Co raised its holdings by 1.95 million to 2.8 million shares. And Bellevue Asset Management AG has lifted its position by 1.32% or 29433.0 shares – to 2.25 million shares.
With over 14.38 million Axonics Inc (AXNX) shares trading Monday and a closing price of $69.36 on the day, the dollar volume was approximately $997.31 million. The shares have shown a positive half year performance of 38.61% and its price on 01/08/24 gained nearly 20.48%. Currently, there are 50.66M common shares owned by the public and among those 50.16M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for AXNX have a consensus price objective of $71.79. The analysts have set the share’s price value over the next 12 months at a high of $79.00 and a low of $63.00. The average price target is 2.41% above its recent price level and a downside to the estimated low will see the stock lose -10.1% over that period. But an upside of 12.2% will see the stock hit the forecast high price target while median target price for the stock is $72.00.
Insiders at the company have transacted a total of 79 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 348,407 shares. Insider sales of the common stock occurred on 47 occasions, with total insider shares sold totaling 289,131 shares.
The top 3 mutual fund holders in Axonics Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Government Pension Fund – Global. Vanguard Total Stock Market ETF owns 1.59 million shares of the company’s stock, all valued at over $88.84 million. The company bought an additional 2516.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard Small Cap Index Fund bought 4028.0 shares to see its total holdings expand to 1.31 million shares valued at over $73.14 million and representing 2.58% of the shares outstanding. Government Pension Fund – Global bought 0.81 million shares to bring its total holdings to over 1.22 million shares at a value of $68.44 million. Government Pension Fund – Global now owns shares totaling to 2.41% of the shares outstanding.
Shares of Axonics Inc (NASDAQ: AXNX) opened at $68.955, up $11.38 from a prior closing price of $57.57. However, the script later moved the day high at 69.66, up 20.48%. The company’s stock has a 5-day price change of 11.46% and 19.13% over the past three months. AXNX shares are trading 11.46% year to date (YTD), with the 12-month market performance up to 15.89% higher. It has a 12-month low price of $47.59 and touched a high of $68.22 over the same period. AXNX has an average intraday trading volume of 546.00K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 16.90%, 22.81%, and 25.61% respectively.
Institutional ownership of Axonics Inc (NASDAQ: AXNX) shares accounts for 102.74% of the company’s 50.66M shares outstanding. Mutual fund holders own 36.44%, while other institutional holders and individual stakeholders account for 66.48% and 33.43% respectively.
It has a market capitalization of $3.51B and a beta (3y monthly) value of 0.64. The earnings-per-share (ttm) stands at -$0.25. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.32% over the week and 3.55% over the month.
Analysts forecast that Axonics Inc (AXNX) will achieve an EPS of $0.06 for the current quarter, -$0.1 for the next quarter and $0.31 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of $0.12. Comparatively, EPS for the current quarter was $0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 91.88%, and 444.38% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Axonics Inc (AXNX) as a “Strong Buy” at a consensus score of 1.43. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 2 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AXNX, a number of firms have released research notes about the stock. Robert W. Baird stated their Outperform rating for the stock in a research note on July 19, 2023, with the firm’s price target at $69.
