Wells Fargo Starts Axonics Modulation Technologies Inc. (AXNX) at Outperform

Wells Fargo analyst Larry Biegelsen initiates coverage on Axonics Modulation Technologies Inc. (NASDAQ: AXNX) with a Outperform rating and a price target of $22.00.

The analyst comments "AXNX estimates the readily available U.S. + EU market opportunity for SNM is ~4MM patients. This compares to about 41k SNM implants in 2017 (or about 1% penetration). Existing penetration of therapy is low in our view because (1) SNM is currently a one player market, (2) innovation has been limited over the past 20 years, and (3) the majority of patients do not seek treatment. We see the current backdrop of the SNM market as ripe for faster growth and believe an additional competitor with innovative technology such as AXNX will help catalyze growth."

For an analyst ratings summary and ratings history on Axonics Modulation Technologies Inc. click here. For more ratings news on Axonics Modulation Technologies Inc. click here.

Shares of Axonics Modulation Technologies Inc. closed at $14.92 yesterday.

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