Axonix Stock Hits 52-Week High on Buyout Buzz

Boston Scientific is buying the medical equipment company

Laura McCandless

Deputy Editor

Jan 8, 2024 at 11:13 AM

BSX
AXNX

The shares of Axonix Inc (NASDAQ:AXNX) are soaring today, after news that Boston Scientific (BSX) is acquiring the medical equipment name for approximately $3.7 billion, or $71 per share. At last glance, AXNX was up 20.2% to trade at $69.18.

Today's pop has Axonix trading at fresh 52-week highs. A rocky start to the year saw the shares moved down to familiar support at the $56 level before this rebound, while the stock's 200-day moving average moved into catch last session's pullback as well. Year over year, AXNX is up 15.8%.

The stock's typically quiet options pits is seeing plenty of activity after the report. So far, AXNX has already seen 16.9 times its average daily options volume. The July 70 call is the most popular, with new positions being bought to open there.

It's also worth noting that short interest has been building, and now represents 5.4% of the stock's available float. As these shorts are now likely underwater, we should expect a quick bout of short covering.

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