Axonics Modulation Technologies (NASDAQ:AXNX) Cut to Hold at Zacks Investment Research

Axonics Modulation Technologies (NASDAQ:AXNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Axonics Modulation Technologies Inc. is focused on development and commercialization of a novel implantable SNM system for patients with urinary and bowel dysfunction and disrupting the SNM market. Axonics Modulation Technologies Inc. is based in Irvine, CA. “

Other equities research analysts have also recently issued reports about the company. ValuEngine cut Axonics Modulation Technologies from a “hold” rating to a “sell” rating in a report on Friday, January 10th. SunTrust Banks initiated coverage on Axonics Modulation Technologies in a report on Tuesday, January 7th. They set a “buy” rating and a $38.00 price target for the company. Piper Jaffray Companies initiated coverage on Axonics Modulation Technologies in a report on Friday, November 1st. They set an “overweight” rating and a $39.00 price target for the company. Wells Fargo & Co reaffirmed a “buy” rating on shares of Axonics Modulation Technologies in a report on Friday, December 6th. Finally, Barclays initiated coverage on Axonics Modulation Technologies in a report on Monday, October 21st. They set an “overweight” rating and a $43.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $42.22.

AXNX stock traded up $0.52 during midday trading on Tuesday, reaching $30.77. 374,794 shares of the company’s stock traded hands, compared to its average volume of 859,794. The company has a 50-day simple moving average of $28.32 and a two-hundred day simple moving average of $29.02. Axonics Modulation Technologies has a 1-year low of $14.00 and a 1-year high of $43.37. The company has a market cap of $874.96 million, a price-to-earnings ratio of -12.11 and a beta of -1.69. The company has a quick ratio of 6.76, a current ratio of 7.58 and a debt-to-equity ratio of 0.20.

Axonics Modulation Technologies (NASDAQ:AXNX) last released its quarterly earnings results on Thursday, November 14th. The company reported ($0.89) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.75) by ($0.14). Axonics Modulation Technologies had a negative net margin of 1,530.43% and a negative return on equity of 55.57%. The business had revenue of $1.31 million for the quarter, compared to analyst estimates of $1.45 million. The firm’s revenue for the quarter was up 555.0% on a year-over-year basis. Equities research analysts forecast that Axonics Modulation Technologies will post -2.71 EPS for the current year.

In other news, COO Rinda Sama sold 5,000 shares of Axonics Modulation Technologies stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.70, for a total value of $123,500.00. Also, insider Danny L. Dearen sold 20,000 shares of Axonics Modulation Technologies stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $31.46, for a total value of $629,200.00. Following the completion of the sale, the insider now directly owns 28,491 shares of the company’s stock, valued at $896,326.86. The disclosure for this sale can be found here. Insiders sold a total of 1,125,000 shares of company stock valued at $27,190,258 over the last three months. Insiders own 35.99% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AXNX. Valeo Financial Advisors LLC grew its stake in shares of Axonics Modulation Technologies by 119.4% during the fourth quarter. Valeo Financial Advisors LLC now owns 1,801 shares of the company’s stock worth $50,000 after purchasing an additional 980 shares during the period. Partner Investment Management L.P. acquired a new stake in shares of Axonics Modulation Technologies during the third quarter worth $52,000. Bank of Montreal Can grew its stake in shares of Axonics Modulation Technologies by 963.7% during the second quarter. Bank of Montreal Can now owns 1,436 shares of the company’s stock worth $58,000 after purchasing an additional 1,301 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Axonics Modulation Technologies by 84.0% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,300 shares of the company’s stock worth $94,000 after purchasing an additional 1,050 shares during the period. Finally, Metropolitan Life Insurance Co NY acquired a new stake in shares of Axonics Modulation Technologies during the third quarter worth $145,000. 37.29% of the stock is owned by institutional investors.

About Axonics Modulation Technologies

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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