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Axonics (AXNX) Soars 7.4%: Is Further Upside Left in the Stock?

·2 min read

Axonics Modulation Technologies (AXNX) shares ended the last trading session 7.4% higher at $58.87. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.8% loss over the past four weeks.

Axonics scored a strong price increase on optimism surrounding the company’s announcement of preliminary fourth-quarter and fiscal year 2021 revenue. For fourth-quarter 2021, the company’s net revenues are expected to be in the range of $52.9-$53.3 million, an increase of 53% year-over-year. Full year net revenue is expected to be $180.1-$180.5 million, an increase of 62% year over year. The market is also upbeat about the introduction of Axonics’ long-lived, recharge-free SNM system in the first half of 2022 and the launch of a national television direct-to-consumer advertising campaign later in 2022.

This medical technology company is expected to post quarterly loss of $0.36 per share in its upcoming report, which represents a year-over-year change of -24.1%. Revenues are expected to be $49.77 million, up 43.1% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Axonics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AXNX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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