Axonics Modulation Technologies (NASDAQ:AXNX) Announces Quarterly Earnings Results

Axonics Modulation Technologies (NASDAQ:AXNX) issued its earnings results on Monday. The company reported ($0.68) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.51) by ($0.17), Briefing.com reports. The business had revenue of $1.49 million during the quarter, compared to analysts’ expectations of $1.04 million. Axonics Modulation Technologies’s quarterly revenue was up 12300.0% on a year-over-year basis.

NASDAQ AXNX traded down $3.17 during trading on Tuesday, hitting $30.60. 19,436 shares of the company’s stock were exchanged, compared to its average volume of 227,711. The stock has a market capitalization of $1.03 billion and a P/E ratio of -6.59. Axonics Modulation Technologies has a fifty-two week low of $11.95 and a fifty-two week high of $43.37. The firm’s 50 day moving average price is $38.42. The company has a debt-to-equity ratio of 0.16, a quick ratio of 22.07 and a current ratio of 22.83.

In other Axonics Modulation Technologies 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 value of $374,060.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Geoff Pardo sold 1,695 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $38.12, for a total value of $64,613.40. The disclosure for this sale can be found here. Insiders have sold 25,040 shares of company stock worth $832,724 over the last 90 days. 35.99% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Brightworth bought a new stake in Axonics Modulation Technologies in the first quarter worth $274,000. Geode Capital Management LLC bought a new stake in Axonics Modulation Technologies in the fourth quarter worth $1,135,000. BlackRock Inc. bought a new stake in Axonics Modulation Technologies in the fourth quarter worth $5,015,000. Westfield Capital Management Co. LP bought a new stake in Axonics Modulation Technologies in the first quarter worth $261,000. Finally, EAM Global Investors LLC bought a new stake in Axonics Modulation Technologies in the first quarter worth $1,483,000. 29.10% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts have commented on the company. Zacks Investment Research downgraded Axonics Modulation Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Bank of America boosted their target price on Axonics Modulation Technologies from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. SunTrust Banks boosted their target price on Axonics Modulation Technologies to $33.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Wells Fargo & Co boosted their target price on Axonics Modulation Technologies from $35.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Axonics Modulation Technologies currently has an average rating of “Buy” and a consensus target price of $30.78.

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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