Axonics Modulation Technologies (NASDAQ:AXNX) Trading Up 1.7% After Analyst Upgrade

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Axonics Modulation Technologies Inc (NASDAQ:AXNX) shares were up 1.7% during mid-day trading on Friday after Bank of America raised their price target on the stock from $30.00 to $35.00. Bank of America currently has a buy rating on the stock. Axonics Modulation Technologies traded as high as $34.87 and last traded at $34.78. Approximately 119,507 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 178,404 shares. The stock had previously closed at $34.21.

Other analysts have also issued reports about the company. SunTrust Banks boosted their target price on Axonics Modulation Technologies to $33.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Zacks Investment Research upgraded Axonics Modulation Technologies from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $25.78.

In related news, COO Rinda Sama sold 13,345 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $28.03, for a total transaction of $374,060.35. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Several large investors have recently added to or reduced their stakes in AXNX. FMR LLC bought a new stake in shares of Axonics Modulation Technologies during the 4th quarter valued at $24,942,000. RTW Investments LP bought a new stake in shares of Axonics Modulation Technologies during the 4th quarter valued at $16,551,000. Millennium Management LLC bought a new stake in shares of Axonics Modulation Technologies during the 4th quarter valued at $12,072,000. Perceptive Advisors LLC bought a new stake in shares of Axonics Modulation Technologies during the 4th quarter valued at $10,935,000. Finally, BlackRock Inc. bought a new stake in shares of Axonics Modulation Technologies during the 4th quarter valued at $5,015,000. Institutional investors own 29.44% of the company’s stock.

The company has a debt-to-equity ratio of 0.16, a current ratio of 22.83 and a quick ratio of 22.07. The company has a market cap of $978.14 million and a PE ratio of -7.46.

Axonics Modulation Technologies (NASDAQ:AXNX) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.07). The company had revenue of $1.08 million during the quarter, compared to the consensus estimate of $0.53 million. On average, equities analysts expect that Axonics Modulation Technologies Inc will post -2.03 EPS for the current year.

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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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