AxoGen (NASDAQ:AXGN) Sets New 52-Week High Following Analyst Upgrade

AxoGen, Inc. (NASDAQ:AXGN)’s share price hit a new 52-week high on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $34.82 and last traded at $34.6550, with a volume of 486824 shares. The stock had previously closed at $32.83.

Other equities analysts have also issued research reports about the stock. Citigroup reiterated a “market outperform” rating on shares of AxoGen in a research report on Thursday, October 30th. Jefferies Financial Group boosted their price objective on AxoGen from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Citizens Jmp raised their target price on AxoGen from $26.00 to $34.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of AxoGen in a research report on Monday, December 29th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $36.00 price target on shares of AxoGen in a research note on Thursday, December 4th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.56.

Insiders Place Their Bets

In other news, EVP Marc A. Began sold 9,278 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $31.21, for a total value of $289,566.38. Following the completion of the transaction, the executive vice president owned 31,507 shares of the company’s stock, valued at $983,333.47. This represents a 22.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Lindsey Marie Hartley sold 14,812 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $29.86, for a total transaction of $442,286.32. Following the completion of the transaction, the chief financial officer owned 31,376 shares of the company’s stock, valued at approximately $936,887.36. This trade represents a 32.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 399,759 shares of company stock valued at $11,371,779 over the last ninety days. 2.78% of the stock is owned by insiders.

Hedge Funds Weigh In On AxoGen

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Light Asset Management LLC boosted its stake in shares of AxoGen by 28.2% in the 3rd quarter. First Light Asset Management LLC now owns 5,805,730 shares of the medical equipment provider’s stock worth $103,574,000 after buying an additional 1,276,487 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of AxoGen by 183.9% during the second quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider’s stock valued at $20,953,000 after acquiring an additional 1,250,968 shares during the last quarter. Bessemer Group Inc. bought a new stake in AxoGen during the third quarter worth $14,468,000. Wasatch Advisors LP boosted its position in AxoGen by 85.1% in the second quarter. Wasatch Advisors LP now owns 1,433,782 shares of the medical equipment provider’s stock worth $15,557,000 after purchasing an additional 659,149 shares during the last quarter. Finally, Brown Capital Management LLC purchased a new position in AxoGen in the third quarter worth $11,500,000. Institutional investors own 80.29% of the company’s stock.

AxoGen Price Performance

The stock has a market cap of $1.59 billion, a P/E ratio of -689.62 and a beta of 1.00. The business has a 50 day simple moving average of $30.58 and a 200-day simple moving average of $21.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.64 and a current ratio of 4.09.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. AxoGen had a negative net margin of 0.98% and a negative return on equity of 1.90%. The company had revenue of $60.08 million for the quarter, compared to analysts’ expectations of $56.90 million. On average, sell-side analysts forecast that AxoGen, Inc. will post -0.29 EPS for the current year.

AxoGen Company Profile

AxoGen, Inc is a Florida-based medical technology company that develops and commercializes surgical solutions for peripheral nerve damage. Founded in 2002 and headquartered in Alachua, Florida, the company focuses on restoring nerve function and improving patient outcomes through innovative biologic and engineered products. AxoGen’s offerings address a range of traumatic and iatrogenic injuries, offering alternatives to traditional nerve autografts.

The company’s core product portfolio includes the Avance® Nerve Graft, a decellularized human nerve allograft designed to bridge nerve gaps without the need for a secondary harvest site, and the Axoguard® Nerve Connector and Protector devices, which facilitate nerve coaptation and protect repaired sites from surrounding scar tissue.