Axonics Modulation Technologies (NASDAQ:AXNX) Shares Gap Up After Analyst Upgrade

Axonics Modulation Technologies Inc (NASDAQ:AXNX) gapped up before the market opened on Friday after Morgan Stanley raised their price target on the stock from $40.00 to $42.00. The stock had previously closed at $28.42, but opened at $28.96. Morgan Stanley currently has an overweight rating on the stock. Axonics Modulation Technologies shares last traded at $27.00, with a volume of 40,889 shares trading hands.

A number of other brokerages have also recently issued reports on AXNX. Barclays assumed coverage on shares of Axonics Modulation Technologies in a research report on Monday, October 21st. They set an “overweight” rating and a $43.00 price target for the company. ValuEngine raised shares of Axonics Modulation Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Zacks Investment Research cut shares of Axonics Modulation Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America lifted their price target on shares of Axonics Modulation Technologies from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Svb Leerink assumed coverage on shares of Axonics Modulation Technologies in a research report on Tuesday, September 17th. They set an “outperform” rating and a $45.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $40.40.

In other Axonics Modulation Technologies news, COO Rinda Sama sold 5,000 shares of Axonics Modulation Technologies stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $24.70, for a total value of $123,500.00. 35.99% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Valeo Financial Advisors LLC purchased a new position in Axonics Modulation Technologies in the second quarter worth about $32,000. BNP Paribas Arbitrage SA purchased a new position in shares of Axonics Modulation Technologies during the second quarter valued at approximately $35,000. Ladenburg Thalmann Financial Services Inc. raised its holdings 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 valued at $94,000 after purchasing an additional 1,050 shares during the last quarter. Bank of Montreal Can raised its holdings 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 valued at $58,000 after purchasing an additional 1,301 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its holdings in shares of Axonics Modulation Technologies by 130.2% during the second quarter. AdvisorNet Financial Inc now owns 2,302 shares of the company’s stock valued at $94,000 after purchasing an additional 1,302 shares during the last quarter. 33.96% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $828.34 million and a PE ratio of -5.77. The firm’s fifty day moving average price is $23.24 and its two-hundred day moving average price is $31.05. The company has a quick ratio of 11.51, a current ratio of 12.21 and a debt-to-equity ratio of 0.18.

Axonics Modulation Technologies (NASDAQ:AXNX) last released its earnings results on Thursday, November 14th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.75) by ($0.14). Axonics Modulation Technologies had a negative return on equity of 51.55% and a negative net margin of 1,530.43%. The company had revenue of $1.31 million during the quarter, compared to analysts’ expectations of $1.45 million. Axonics Modulation Technologies’s revenue was up 555.0% compared to the same quarter last year. As a group, analysts predict that Axonics Modulation Technologies Inc will post -2.6 EPS for the current year.

Axonics Modulation Technologies Company Profile (NASDAQ:AXNX)

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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