Piper Sandler analyst Adam Maeder says today's selloff in shares of Axonics Modulation Technologies (AXNX) on news that Medtronic (MDT) received CE Mark approval for its next-gen InterStim Micro and MRI compatible SureScan leads is not warranted. The timing is in line with expectations and Axonics remains well positioned to capture share from Medtronic, Maeder tells investors in a research note. While the Street is "hyper-focused on competitive dynamics," an underappreciated part of the Axonics story is the potential for market expansion and market growth acceleration, contends the analyst. He reiterates an Overweight rating on the shares with a $44 price target. Axonics in morning trading is down 9% to $29.48.