Axonics, Inc. (NASDAQ:AXNX) Sees Large Growth in Short Interest

Axonics, Inc. (NASDAQ:AXNX) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 3,310,000 shares, an increase of 5.4% from the October 15th total of 3,140,000 shares. Based on an average daily volume of 388,400 shares, the days-to-cover ratio is presently 8.5 days.

Insider Buying and Selling

In other Axonics news, CFO Kari Leigh Keese sold 2,961 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $69.41, for a total transaction of $205,523.01. Following the sale, the chief financial officer now owns 40,362 shares of the company’s stock, valued at approximately $2,801,526.42. This trade represents a 6.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.85% of the stock is owned by company insiders.

Institutional Trading of Axonics

Hedge funds have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. acquired a new stake in shares of Axonics during the first quarter worth $605,000. Janus Henderson Group PLC grew its holdings in shares of Axonics by 637.7% in the 1st quarter. Janus Henderson Group PLC now owns 178,322 shares of the company’s stock worth $12,298,000 after acquiring an additional 154,149 shares during the period. Gabelli Funds LLC purchased a new position in Axonics in the 1st quarter valued at approximately $12,271,000. Cowen AND Company LLC purchased a new stake in Axonics during the second quarter worth $605,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Axonics by 12.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 218,171 shares of the company’s stock worth $14,668,000 after buying an additional 23,460 shares in the last quarter. 99.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Needham & Company LLC reissued a “hold” rating on shares of Axonics in a research report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $71.00.

Axonics Stock Performance

Shares of AXNX remained flat at $70.98 during mid-day trading on Friday. Axonics has a 12-month low of $55.09 and a 12-month high of $71.05. The company’s 50-day simple moving average is $69.87 and its two-hundred day simple moving average is $68.59.

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.