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

Leerink Swann assumed coverage on shares of Axonics Modulation Technologies (NASDAQ:AXNX) in a report issued on Tuesday morning, The Fly reports. The brokerage issued an outperform rating and a $45.00 target price on the stock.

AXNX has been the subject of several other reports. Needham & Company LLC initiated coverage on Axonics Modulation Technologies in a research report on Tuesday, September 3rd. They issued a buy rating and a $43.00 price objective for the company. Wells Fargo & Co increased their price objective on Axonics Modulation Technologies from $35.00 to $47.00 and gave the stock an outperform rating in a research report on Tuesday, July 2nd. Zacks Investment Research upgraded Axonics Modulation Technologies from a strong sell rating to a hold rating in a research report on Wednesday, August 14th. Finally, Bank of America increased their price objective on Axonics Modulation Technologies from $35.00 to $40.00 and gave the stock a buy rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $36.49.

NASDAQ:AXNX opened at $31.17 on Tuesday. Axonics Modulation Technologies has a one year low of $11.95 and a one year high of $43.37. The company has a quick ratio of 11.51, a current ratio of 12.21 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $33.53 and a 200 day moving average price of $30.41.

Axonics Modulation Technologies (NASDAQ:AXNX) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.17). Axonics Modulation Technologies had a negative net margin of 1,515.61% and a negative return on equity of 59.67%. The company had revenue of $1.49 million during the quarter, compared to analyst estimates of $1.04 million. The firm’s revenue was up 12300.0% compared to the same quarter last year. As a group, equities analysts forecast that Axonics Modulation Technologies will post -2.38 earnings per share for the current fiscal year.

In other news, CEO Raymond W. Cohen purchased 3,500 shares of the stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average cost of $30.41 per share, for a total transaction of $106,435.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nancy Lynn Md Snyderman purchased 2,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were purchased at an average price of $37.12 per share, with a total value of $74,240.00. The disclosure for this purchase can be found here. Corporate insiders own 35.99% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC purchased a new position in shares of Axonics Modulation Technologies during the second quarter worth $32,000. BNP Paribas Arbitrage SA purchased a new position in shares of Axonics Modulation Technologies during the second quarter worth $35,000. Bank of Montreal Can boosted its position 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 buying an additional 1,301 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position 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 buying an additional 1,050 shares during the period. Finally, AdvisorNet Financial Inc boosted its position 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 worth $94,000 after buying an additional 1,302 shares during the period. 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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