Leerink Swann Initiates Coverage on Axonics Modulation Technologies (NASDAQ:AXNX)

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Leerink Swann started coverage on shares of Axonics Modulation Technologies (NASDAQ:AXNX) in a research report issued to clients and investors on Tuesday, The Fly reports. The firm set an “outperform” rating and a $45.00 price target on the stock. Leerink Swann’s price target would suggest a potential upside of 43.22% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC initiated coverage on Axonics Modulation Technologies in a research note on Tuesday, September 3rd. They set a “buy” rating and a $43.00 target price on the stock. Bank of America lifted their target price on Axonics Modulation Technologies from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Zacks Investment Research upgraded Axonics Modulation Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, Wells Fargo & Co boosted their price objective on Axonics Modulation Technologies from $35.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $36.49.

NASDAQ AXNX opened at $31.42 on Tuesday. The stock has a market capitalization of $894.53 million and a price-to-earnings ratio of -6.77. Axonics Modulation Technologies has a one year low of $11.95 and a one year high of $43.37. The company has a debt-to-equity ratio of 0.18, a current ratio of 12.21 and a quick ratio of 11.51. The business’s fifty day moving average is $33.80 and its 200-day moving average is $30.32.

Axonics Modulation Technologies (NASDAQ:AXNX) last released its earnings results on Monday, August 5th. The company reported ($0.68) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.17). The business had revenue of $1.49 million for the quarter, compared to the consensus estimate of $1.04 million. Axonics Modulation Technologies had a negative return on equity of 59.67% and a negative net margin of 1,515.61%. The company’s revenue for the quarter was up 12300.0% on a year-over-year basis. Research analysts expect that Axonics Modulation Technologies will post -2.28 EPS for the current fiscal year.

In related news, major shareholder Geoff Pardo sold 1,695 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $38.12, for a total value of $64,613.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Raymond W. Cohen acquired 3,500 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $30.41 per share, for a total transaction of $106,435.00. The disclosure for this purchase can be found here. Insiders own 35.99% of the company’s stock.

A number of institutional investors have recently made changes to their positions in AXNX. Deutsche Bank AG bought a new stake in Axonics Modulation Technologies in the 4th quarter valued at about $137,000. EAM Global Investors LLC purchased a new position in Axonics Modulation Technologies during the 1st quarter valued at about $1,483,000. Granite Investment Partners LLC purchased a new position in Axonics Modulation Technologies during the 1st quarter valued at about $848,000. Westfield Capital Management Co. LP purchased a new position in Axonics Modulation Technologies during the 1st quarter valued at about $261,000. Finally, Valeo Financial Advisors LLC purchased a new position in Axonics Modulation Technologies during the 2nd quarter valued at about $32,000. Institutional investors and hedge funds own 33.75% of the company’s stock.

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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Analyst Recommendations for Axonics Modulation Technologies (NASDAQ:AXNX)

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