AxoGen, Inc. (NASDAQ:AXGN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

AxoGen, Inc. (NASDAQ:AXGN) has received an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $46.50.

AXGN has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on AxoGen from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Zacks Research upgraded AxoGen from a “strong sell” rating to a “hold” rating in a research note on Friday, May 29th. Raymond James Financial restated an “outperform” rating and set a $48.00 target price on shares of AxoGen in a research note on Wednesday, April 29th. Weiss Ratings restated a “sell (d-)” rating on shares of AxoGen in a research note on Friday, May 29th. Finally, Canaccord Genuity Group raised their target price on AxoGen from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th.

AxoGen Trading Up 3.4%

NASDAQ:AXGN opened at $42.87 on Wednesday. The business’s 50-day moving average is $38.76 and its two-hundred day moving average is $34.28. The company has a debt-to-equity ratio of 0.08, a current ratio of 7.10 and a quick ratio of 5.33. AxoGen has a 12 month low of $9.22 and a 12 month high of $45.83. The firm has a market capitalization of $2.28 billion, a PE ratio of -66.98 and a beta of 1.12.

AxoGen (NASDAQ:AXGN) last announced its earnings results on Tuesday, April 28th. The medical equipment provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.05). The business had revenue of $61.46 million for the quarter, compared to analyst estimates of $57.85 million. AxoGen had a negative net margin of 13.21% and a negative return on equity of 9.63%. Research analysts predict that AxoGen will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Erick Wayne Devinney sold 5,221 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $32.84, for a total transaction of $171,457.64. Following the completion of the sale, the insider directly owned 262,781 shares in the company, valued at $8,629,728.04. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Johnson sold 11,050 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $43.26, for a total value of $478,023.00. Following the sale, the director owned 11,050 shares of the company’s stock, valued at $478,023. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,262 shares of company stock valued at $1,440,250 over the last ninety days. Insiders own 2.44% of the company’s stock.

Hedge Funds Weigh In On AxoGen

A number of hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in AxoGen by 51.9% in the first quarter. California State Teachers Retirement System now owns 59,129 shares of the medical equipment provider’s stock worth $1,959,000 after purchasing an additional 20,203 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in AxoGen by 66.4% in the first quarter. The Manufacturers Life Insurance Company now owns 22,166 shares of the medical equipment provider’s stock worth $734,000 after purchasing an additional 8,844 shares in the last quarter. SummitTX Capital L.P. acquired a new position in AxoGen in the first quarter worth about $7,769,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in AxoGen in the first quarter worth about $3,847,000. Finally, Public Employees Retirement System of Ohio acquired a new position in AxoGen in the first quarter worth about $1,720,000. 80.29% of the stock is currently owned by institutional investors and hedge funds.

About AxoGen

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.