Axonics Modulation Technologies (NASDAQ:AXNX) Cut to Buy at BidaskClub

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BidaskClub downgraded shares of Axonics Modulation Technologies (NASDAQ:AXNX) from a strong-buy rating to a buy rating in a report issued on Saturday morning, BidAskClub reports.

A number of other analysts also recently weighed in on the stock. SunTrust Banks increased their price target on shares of Axonics Modulation Technologies from $38.00 to $48.00 and gave the company a buy rating in a report on Thursday, March 5th. Needham & Company LLC restated a buy rating and issued a $48.00 price objective on shares of Axonics Modulation Technologies in a research note on Monday, March 9th. ValuEngine upgraded shares of Axonics Modulation Technologies from a hold rating to a buy rating in a research note on Thursday, April 2nd. Piper Sandler dropped their price objective on shares of Axonics Modulation Technologies from $48.00 to $44.00 and set an overweight rating for the company in a research note on Tuesday, April 21st. Finally, Wells Fargo & Co increased their price objective on shares of Axonics Modulation Technologies from $40.00 to $42.00 and gave the company an overweight rating in a research note on Friday, June 5th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $43.00.

Shares of Axonics Modulation Technologies stock opened at $34.50 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 10.28 and a quick ratio of 9.31. Axonics Modulation Technologies has a fifty-two week low of $15.25 and a fifty-two week high of $43.37. The firm has a fifty day moving average price of $37.17 and a two-hundred day moving average price of $31.54. The company has a market cap of $1.19 billion, a PE ratio of -12.55 and a beta of 0.19.

Axonics Modulation Technologies (NASDAQ:AXNX) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.17. Axonics Modulation Technologies had a negative net margin of 208.60% and a negative return on equity of 57.95%. The firm had revenue of $26.30 million during the quarter, compared to the consensus estimate of $14.47 million. During the same period in the prior year, the firm earned ($0.47) EPS. The business’s revenue was up 2341.6% on a year-over-year basis. Analysts expect that Axonics Modulation Technologies will post -1.95 earnings per share for the current fiscal year.

In related news, insider Danny L. Dearen sold 30,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.86, for a total transaction of $1,045,800.00. Following the completion of the sale, the insider now owns 71,491 shares in the company, valued at approximately $2,492,176.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Rinda Sama sold 5,000 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $23.72, for a total transaction of $118,600.00. Following the sale, the chief operating officer now owns 191,294 shares of the company’s stock, valued at approximately $4,537,493.68. The disclosure for this sale can be found here. Insiders have sold a total of 150,020 shares of company stock valued at $5,503,480 in the last quarter. 25.74% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Inc. increased its position in Axonics Modulation Technologies by 840.0% in the 4th quarter. Advisor Group Inc. now owns 940 shares of the company’s stock valued at $27,000 after acquiring an additional 840 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Axonics Modulation Technologies in the 4th quarter valued at about $28,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Axonics Modulation Technologies in the 1st quarter valued at about $54,000. Bank of Montreal Can increased its position in Axonics Modulation Technologies by 52.7% in the 4th quarter. Bank of Montreal Can now owns 2,271 shares of the company’s stock valued at $63,000 after acquiring an additional 784 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Axonics Modulation Technologies by 23.2% in the 4th quarter. Victory Capital Management Inc. now owns 2,947 shares of the company’s stock valued at $86,000 after acquiring an additional 555 shares in the last quarter. Hedge funds and other institutional investors own 66.55% of the company’s stock.

Axonics Modulation Technologies Company Profile

Axonics Modulation Technologies, Inc, a medical technology company, focuses on the design, development, and commercialization of sacral neuromodulation solutions (SNM) solutions. The SNM therapy is primarily used to treat patients with overactive bladder, including urinary urgency incontinence and urinary urgency frequency, fecal incontinence, and urinary retention.

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Analyst Recommendations for Axonics Modulation Technologies (NASDAQ:AXNX)

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