Other equities analysts have also recently issued reports about the company. Wells Fargo & Co raised their target price on Axonics Modulation Technologies from $40.00 to $42.00 and gave the company an overweight rating in a report on Friday, June 5th. SVB Leerink raised their target price on Axonics Modulation Technologies from $48.00 to $59.00 and gave the company an outperform rating in a report on Friday, August 7th. Piper Sandler reiterated a buy rating and issued a $45.00 price objective on shares of Axonics Modulation Technologies in a research note on Monday, July 27th. Zacks Investment Research cut Axonics Modulation Technologies from a buy rating to a hold rating in a research note on Wednesday, August 12th. Finally, Morgan Stanley lifted their price objective on Axonics Modulation Technologies from $42.00 to $53.00 and gave the company an overweight rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Axonics Modulation Technologies presently has a consensus rating of Buy and an average target price of $47.50.
Shares of NASDAQ AXNX traded down $0.49 during mid-day trading on Thursday, reaching $43.85. 9,077 shares of the company’s stock were exchanged, compared to its average volume of 498,600. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -16.99 and a beta of 0.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 9.91 and a current ratio of 10.88. Axonics Modulation Technologies has a 52-week low of $15.25 and a 52-week high of $46.15. The company’s 50-day moving average is $40.90 and its 200-day moving average is $34.65.
Axonics Modulation Technologies (NASDAQ:AXNX) last announced its earnings results on Thursday, August 6th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.11. Axonics Modulation Technologies had a negative return on equity of 44.13% and a negative net margin of 155.91%. The company had revenue of $15.21 million during the quarter, compared to analysts’ expectations of $5.06 million. During the same period last year, the business posted ($0.68) EPS. Axonics Modulation Technologies’s revenue for the quarter was up 922.4% on a year-over-year basis. As a group, equities analysts predict that Axonics Modulation Technologies will post -1.94 earnings per share for the current fiscal year.
In other news, insider Danny L. Dearen sold 30,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $39.26, for a total transaction of $1,177,800.00. Following the sale, the insider now owns 84,240 shares of the company’s stock, valued at approximately $3,307,262.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Danny L. Dearen sold 709 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $40.00, for a total value of $28,360.00. Following the sale, the insider now directly owns 57,200 shares in the company, valued at approximately $2,288,000. The disclosure for this sale can be found here. Insiders have sold a total of 201,210 shares of company stock worth $8,114,764 in the last three months. Corporate insiders own 25.74% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its position in Axonics Modulation Technologies by 137.1% during the second quarter. FMR LLC now owns 2,552,217 shares of the company’s stock worth $89,609,000 after buying an additional 1,475,668 shares during the period. RTW Investments LP lifted its stake in shares of Axonics Modulation Technologies by 10.2% in the 2nd quarter. RTW Investments LP now owns 1,883,257 shares of the company’s stock worth $66,121,000 after acquiring an additional 174,257 shares during the period. BlackRock Inc. lifted its stake in shares of Axonics Modulation Technologies by 8.9% in the first quarter. BlackRock Inc. now owns 1,512,303 shares of the company’s stock valued at $38,428,000 after purchasing an additional 123,303 shares during the period. Bamco Inc. NY lifted its stake in shares of Axonics Modulation Technologies by 380.9% in the second quarter. Bamco Inc. NY now owns 1,230,982 shares of the company’s stock valued at $43,220,000 after purchasing an additional 974,982 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Axonics Modulation Technologies by 47.4% in the second quarter. Vanguard Group Inc. now owns 1,209,603 shares of the company’s stock valued at $42,470,000 after purchasing an additional 388,713 shares during the period. 66.50% of the stock is currently 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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