Axonics Modulation Technologies (NASDAQ:AXNX) Cut to Hold at Zacks Investment Research

Axonics Modulation Technologies (NASDAQ:AXNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

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 brokerages have also issued reports on AXNX. Leerink Swann initiated coverage on shares of Axonics Modulation Technologies in a report on Tuesday, September 17th. They issued an “outperform” rating and a $45.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $48.00 price objective on shares of Axonics Modulation Technologies in a report on Tuesday, November 5th. Bank of America upped their price objective on shares of Axonics Modulation Technologies from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Svb Leerink initiated coverage on shares of Axonics Modulation Technologies in a report on Tuesday, September 17th. They issued an “outperform” rating and a $45.00 price objective for the company. Finally, Barclays initiated coverage on shares of Axonics Modulation Technologies in a report on Monday, October 21st. They issued an “overweight” rating and a $43.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Axonics Modulation Technologies currently has a consensus rating of “Buy” and a consensus price target of $37.69.

Shares of AXNX traded up $0.53 during mid-day trading on Wednesday, reaching $25.49. The stock had a trading volume of 522,000 shares, compared to its average volume of 203,682. The company has a debt-to-equity ratio of 0.18, a current ratio of 12.21 and a quick ratio of 11.51. Axonics Modulation Technologies has a 52-week low of $11.95 and a 52-week high of $43.37. The business’s fifty day moving average is $23.40 and its 200 day moving average is $30.95. The firm has a market cap of $641.27 million and a price-to-earnings ratio of -5.49.

In other Axonics Modulation Technologies news, COO Rinda Sama sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $26.61, for a total value of $133,050.00. Corporate insiders own 35.99% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in Axonics Modulation Technologies during the 3rd quarter worth about $1,851,000. California Public Employees Retirement System purchased a new stake in Axonics Modulation Technologies during the 3rd quarter worth about $201,000. Royal Bank of Canada increased its position in Axonics Modulation Technologies by 226.5% during the 2nd quarter. Royal Bank of Canada now owns 6,530 shares of the company’s stock worth $268,000 after purchasing an additional 4,530 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in Axonics Modulation Technologies by 84.0% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,300 shares of the company’s stock worth $94,000 after purchasing an additional 1,050 shares in the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in Axonics Modulation Technologies during the 2nd quarter worth about $249,000. 33.96% of the stock is currently owned by institutional investors.

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, including urinary urgency incontinence and urinary urgency frequency, fecal incontinence, and urinary retention.

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