Axonics Modulation Technologies Inc (NASDAQ:AXNX) Sees Large Increase in Short Interest

Axonics Modulation Technologies Inc (NASDAQ:AXNX) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 1,347,500 shares, an increase of 13.7% from the May 15th total of 1,184,900 shares. Based on an average daily volume of 166,200 shares, the short-interest ratio is presently 8.1 days. Currently, 15.1% of the shares of the company are sold short.

Shares of AXNX traded down $0.78 during mid-day trading on Friday, reaching $37.73. The company had a trading volume of 120,911 shares, compared to its average volume of 293,663. The firm has a market capitalization of $1.10 billion and a PE ratio of -8.13. The company’s fifty day simple moving average is $36.88. Axonics Modulation Technologies has a fifty-two week low of $11.95 and a fifty-two week high of $43.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 22.07 and a current ratio of 22.83.

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

In other news, major shareholder Geoff Pardo sold 1,695 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $38.12, for a total transaction of $64,613.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael V. Williamson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $42.80, for a total transaction of $214,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,040 shares of company stock valued at $832,724. 35.99% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in AXNX. Citigroup Inc. acquired a new position in shares of Axonics Modulation Technologies in the 4th quarter valued at $28,000. Barclays PLC acquired a new position in shares of Axonics Modulation Technologies in the 4th quarter valued at $31,000. Valeo Financial Advisors LLC acquired a new position in shares of Axonics Modulation Technologies in the 2nd quarter valued at $32,000. American International Group Inc. acquired a new position in shares of Axonics Modulation Technologies in the 4th quarter valued at $69,000. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Axonics Modulation Technologies by 130.2% during the 2nd quarter. AdvisorNet Financial Inc now owns 2,302 shares of the company’s stock valued at $94,000 after acquiring an additional 1,302 shares in the last quarter. Institutional investors own 29.27% of the company’s stock.

Several analysts have commented on AXNX shares. SunTrust Banks set a $37.00 target price on shares of Yelp and gave the stock a “hold” rating in a research note on Friday, May 10th. Zacks Investment Research raised shares of HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd. Wells Fargo & Co reaffirmed a “hold” rating on shares of Perrigo in a research note on Tuesday, July 2nd. Finally, Bank of America set a $10.00 target price on shares of HEXO and gave the stock a “buy” rating in a research note on Thursday, June 13th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Axonics Modulation Technologies currently has a consensus rating of “Buy” and a consensus price target of $30.78.

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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