AxoGen, Inc. (NASDAQ:AXGN) Sees Significant Growth in Short Interest

AxoGen, Inc. (NASDAQ:AXGN) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,840,000 shares, a growth of 21.9% from the March 15th total of 1,510,000 shares. Currently, 4.5% of the shares of the company are sold short. Based on an average daily volume of 550,900 shares, the short-interest ratio is currently 3.3 days.

AxoGen Stock Down 0.1 %

AXGN opened at $15.57 on Friday. The company has a quick ratio of 2.47, a current ratio of 3.74 and a debt-to-equity ratio of 0.67. AxoGen has a twelve month low of $5.55 and a twelve month high of $21.00. The company has a market cap of $690.44 million, a PE ratio of -48.66 and a beta of 1.00. The company has a 50-day moving average price of $17.65 and a 200 day moving average price of $16.11.

Wall Street Analysts Forecast Growth

AXGN has been the subject of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $24.00 target price on shares of AxoGen in a report on Wednesday, March 5th. Lake Street Capital assumed coverage on shares of AxoGen in a research report on Monday, March 17th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Canaccord Genuity Group raised their target price on AxoGen from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $22.60.

Insider Activity

In other AxoGen news, insider Erick Wayne Devinney sold 15,111 shares of AxoGen stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $17.50, for a total transaction of $264,442.50. Following the completion of the transaction, the insider now owns 217,762 shares in the company, valued at approximately $3,810,835. This trade represents a 6.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Amy Mcbride Wendell sold 5,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $20.02, for a total value of $100,100.00. Following the completion of the sale, the director now owns 97,899 shares in the company, valued at $1,959,937.98. The trade was a 4.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.00% of the company’s stock.

Institutional Trading of AxoGen

A number of institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in AxoGen by 11.9% during the 3rd quarter. State Street Corp now owns 896,674 shares of the medical equipment provider’s stock worth $12,571,000 after purchasing an additional 95,051 shares during the last quarter. Barclays PLC lifted its stake in shares of AxoGen by 119.3% in the third quarter. Barclays PLC now owns 72,036 shares of the medical equipment provider’s stock worth $1,010,000 after buying an additional 39,182 shares in the last quarter. Geode Capital Management LLC boosted its position in AxoGen by 3.2% during the third quarter. Geode Capital Management LLC now owns 1,010,508 shares of the medical equipment provider’s stock worth $14,170,000 after acquiring an additional 31,612 shares during the last quarter. Franklin Resources Inc. grew its stake in AxoGen by 9.8% during the 3rd quarter. Franklin Resources Inc. now owns 76,048 shares of the medical equipment provider’s stock valued at $1,084,000 after acquiring an additional 6,767 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in AxoGen in the 3rd quarter valued at about $207,000. 80.29% of the stock is owned by institutional investors and hedge funds.

AxoGen Company Profile

AxoGen, Inc, together with its subsidiaries, develops and commercializes technologies for peripheral nerve regeneration and repair worldwide. The company’s products include Avance Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site; AxoGuard Nerve Connector, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed peripheral nerves; AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect damaged peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments; and Axoguard HA+ Nerve Protector, a processed porcine submucosa ECM base layer with a hyaluronate-alginate gel coating designed to provide short- and long-term protection for peripheral nerve injuries.