Investors Purchase Large Volume of Put Options on Axonics Modulation Technologies (NASDAQ:AXNX)

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Axonics Modulation Technologies Inc (NASDAQ:AXNX) was the target of some unusual options trading on Monday. Investors purchased 1,017 put options on the stock. This is an increase of approximately 1,238% compared to the average volume of 76 put options.

In other news, CEO Raymond W. Cohen sold 75,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $20.74, for a total value of $1,555,500.00. Following the completion of the sale, the chief executive officer now owns 608,391 shares of the company’s stock, valued at approximately $12,618,029.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rinda Sama sold 5,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.70, for a total value of $123,500.00. Insiders have sold a total of 795,000 shares of company stock worth $16,784,200 in the last ninety days. Insiders own 35.99% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AXNX. BlackRock Inc. raised its stake in shares of Axonics Modulation Technologies by 143.5% during the 2nd quarter. BlackRock Inc. now owns 947,183 shares of the company’s stock valued at $38,806,000 after buying an additional 558,261 shares during the last quarter. Millennium Management LLC raised its stake in shares of Axonics Modulation Technologies by 2,133.7% during the 3rd quarter. Millennium Management LLC now owns 252,540 shares of the company’s stock valued at $6,798,000 after buying an additional 241,234 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Axonics Modulation Technologies by 37.5% during the 2nd quarter. Vanguard Group Inc. now owns 516,877 shares of the company’s stock valued at $21,177,000 after buying an additional 141,068 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Axonics Modulation Technologies during the 2nd quarter valued at about $3,049,000. Finally, SG Americas Securities LLC purchased a new position in shares of Axonics Modulation Technologies during the 3rd quarter valued at about $1,851,000. Institutional investors and hedge funds own 33.99% of the company’s stock.

A number of analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $48.00 price objective on shares of Axonics Modulation Technologies in a research report on Tuesday, November 5th. Barclays initiated coverage on Axonics Modulation Technologies in a research report on Monday, October 21st. They issued an “overweight” rating and a $43.00 price objective for the company. Wells Fargo & Co reaffirmed a “buy” rating on shares of Axonics Modulation Technologies in a research report on Friday, December 6th. ValuEngine cut Axonics Modulation Technologies from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Zacks Investment Research cut Axonics Modulation Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $40.78.

Shares of AXNX opened at $30.39 on Tuesday. The stock has a 50-day moving average of $26.46 and a two-hundred day moving average of $29.67. The stock has a market cap of $926.16 million, a P/E ratio of -6.55 and a beta of -1.69. Axonics Modulation Technologies has a one year low of $14.00 and a one year high of $43.37. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.76 and a current ratio of 7.58.

Axonics Modulation Technologies (NASDAQ:AXNX) last released its quarterly earnings data on Thursday, November 14th. The company reported ($0.89) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.75) by ($0.14). The company had revenue of $1.31 million for the quarter, compared to analysts’ expectations of $1.45 million. Axonics Modulation Technologies had a negative net margin of 1,530.43% and a negative return on equity of 55.57%. The company’s quarterly revenue was up 555.0% on a year-over-year basis. Analysts predict that Axonics Modulation Technologies will post -2.78 EPS for the current fiscal year.

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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