Axonics Modulation Technologies (AXNX) Downgraded by Zacks Investment Research

Axonics Modulation Technologies (NASDAQ:AXNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

According to Zacks, “Axonics Modulation Technologies Inc. is focused on development and commercialization of a novel implantable SNM system for patients with urinary and bowel dysfunction and disrupting the SNM market. Axonics Modulation Technologies Inc. is based in Irvine, CA. “

A number of other research analysts have also recently issued reports on the stock. SunTrust Banks lifted their price objective on shares of Axonics Modulation Technologies to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Morgan Stanley assumed coverage on shares of Axonics Modulation Technologies in a report on Sunday, December 2nd. They set an “overweight” rating and a $14.92 price objective for the company. Wells Fargo & Co assumed coverage on shares of Axonics Modulation Technologies in a report on Monday, November 26th. They set an “outperform” rating and a $22.00 price objective for the company. Finally, Bank of America assumed coverage on shares of Axonics Modulation Technologies in a report on Monday, November 26th. They set a “buy” rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $21.98.

Shares of NASDAQ AXNX traded up $1.10 during mid-day trading on Friday, reaching $22.60. 188,237 shares of the company’s stock traded hands, compared to its average volume of 92,046. The stock has a market capitalization of $598.58 million and a P/E ratio of -4.87. Axonics Modulation Technologies has a 1-year low of $11.95 and a 1-year high of $24.41. The company has a debt-to-equity ratio of 0.16, a current ratio of 28.09 and a quick ratio of 27.46.

Axonics Modulation Technologies (NASDAQ:AXNX) last issued its quarterly earnings data on Tuesday, December 11th. The company reported ($2.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($2.19). The firm had revenue of $0.20 million for the quarter, compared to analysts’ expectations of $0.06 million. As a group, equities research analysts anticipate that Axonics Modulation Technologies will post -1.66 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in AXNX. Dean Capital Investments Management LLC purchased a new position in Axonics Modulation Technologies during the fourth quarter worth about $605,000. BlackRock Inc. bought a new stake in Axonics Modulation Technologies in the fourth quarter worth about $5,015,000. Citigroup Inc. bought a new stake in Axonics Modulation Technologies in the fourth quarter worth about $28,000. Northern Trust Corp bought a new stake in Axonics Modulation Technologies in the fourth quarter worth about $1,239,000. Finally, Geode Capital Management LLC bought a new stake in Axonics Modulation Technologies in the fourth quarter worth about $1,135,000. Institutional investors and hedge funds own 31.97% of the company’s stock.

Axonics Modulation Technologies Company Profile

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, fecal incontinence, and urinary retention. The company was formerly known as American Restorative Medicine, Inc and changed its name to Axonics Modulation Technologies, Inc in August 2013.

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