Absolute Gestao de Investimentos Ltda. Makes New $32.68 Million Investment in Axonics, Inc. (NASDAQ:AXNX)

Absolute Gestao de Investimentos Ltda. purchased a new stake in shares of Axonics, Inc. (NASDAQ:AXNX) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 486,112 shares of the company’s stock, valued at approximately $32,681,000. Axonics makes up about 16.9% of Absolute Gestao de Investimentos Ltda.’s investment portfolio, making the stock its 2nd biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position 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 purchasing an additional 56,418 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Axonics by 461.1% in the fourth 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. Norges Bank bought a new stake in shares of Axonics in the 4th quarter valued at $37,645,000. Hsbc Holdings PLC lifted its holdings in Axonics by 26.5% in the fourth quarter. Hsbc Holdings PLC now owns 65,494 shares of the company’s stock valued at $4,076,000 after buying an additional 13,734 shares during the period. Finally, Artisan Partners Limited Partnership boosted its position in Axonics by 91.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,220,889 shares of the company’s stock valued at $75,976,000 after acquiring an additional 583,958 shares during the last quarter. 99.48% of the stock is currently owned by institutional investors.

Axonics Price Performance

Shares of NASDAQ AXNX opened at $69.26 on Wednesday. Axonics, Inc. has a 12-month low of $48.30 and a 12-month high of $69.68. The company’s fifty day simple moving average is $68.72 and its 200 day simple moving average is $67.97.

Axonics (NASDAQ:AXNX) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 company had revenue of $114.57 million for the quarter, compared to analysts’ expectations of $112.83 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The business’s revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts forecast that Axonics, Inc. will post 0.24 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Axonics in a report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $69.57.

Axonics Profile

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.