Axonics initiated with an Outperform at Leerink

Leerink initiated coverage of Axonics with an Outperform rating and $70 price target. Overall, Axonics represents an attractive high-growth MedTech story that offers a clear path to profitability beginning in 2024, the firm argues. Axonics is developing and commercializing novel products for adults with bladder and bowel dysfunction. The company is bringing best-in-class products to large and underpenetrated commercial opportunities, and Leerink forecasts 21% sales CAGR through 2027 for its implantable sacral neuromodulation system approved for third-line treatment of overactive bladder.