Axonics Inc [NASDAQ: AXNX] loss -2.74% or -1.91 points to close at $67.74 with a heavy trading volume of 2921000 shares. The company report on March 22, 2024 at 4:01 PM that Axonics Stockholders Approve Merger Agreement with Boston Scientific.
Axonics, Inc. (Nasdaq: AXNX) announced that its stockholders have voted today to adopt Axonics’ merger agreement with Boston Scientific Corporation (NYSE: BSX). According to preliminary voting results from the special meeting of stockholders held earlier today, a majority of the shares of Axonics’ common stock outstanding and entitled to vote at the special meeting voted in favor of adopting the merger agreement. Final voting results, as tabulated by an independent inspector of election, will be reported on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.
“We want to thank Axonics’ stockholders for their strong support of our transaction with Boston Scientific,” said Raymond W. Cohen, chief executive officer of Axonics. “Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavor to bring our life-changing therapies to more patients than ever before.”.
The daily chart for AXNX points out that the company has recorded 22.54% gains over the past six months.
If we look at the average trading volume of 1.37M shares, AXNX reached to a volume of 2921000 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Axonics Inc [AXNX]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AXNX shares is $71.40 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AXNX stock is a recommendation set at 2.85. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wolfe Research have made an estimate for Axonics Inc shares, keeping their opinion on the stock as Peer Perform, with their previous recommendation back on January 09, 2024. While these analysts kept the previous recommendation, Robert W. Baird raised their target price to Outperform. The new note on the price target was released on July 19, 2023, representing the official price target for Axonics Inc stock. Previously, the target price had yet another raise to $70, while KeyBanc Capital Markets analysts kept a Overweight rating on AXNX stock.
The Average True Range (ATR) for Axonics Inc is set at 0.61, with the Price to Sales ratio for AXNX stock in the period of the last 12 months amounting to 9.43. The Price to Book ratio for the last quarter was 5.39, with the Price to Cash per share for the same quarter was set at 6.76.
Trading performance analysis for AXNX stock
Axonics Inc [AXNX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.68. With this latest performance, AXNX shares gained by 0.53% in over the last four-week period, additionally plugging by 22.54% over the last 6 months – not to mention a rise of 23.66% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AXNX stock in for the last two-week period is set at 44.31, with the RSI for the last a single of trading hit 38.90, and the three-weeks RSI is set at 49.06 for Axonics Inc [AXNX]. The present Moving Average for the last 50 days of trading for this stock 68.11, while it was recorded at 68.90 for the last single week of trading, and 59.56 for the last 200 days.
Axonics Inc [AXNX]: A deeper dive into fundamental analysis
Axonics Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.98 and a Current Ratio set at 10.73.
Axonics Inc [AXNX]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Axonics Inc posted -0.19/share EPS, while the average EPS was predicted by analysts to be reported at -0.29/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 34.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for AXNX.
An analysis of Institutional ownership at Axonics Inc [AXNX]
The top three institutional holders of AXNX stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in AXNX stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in AXNX stock with ownership which is approximately 5.8386%.
