AxoGen’s (AXGN) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of AxoGen (NASDAQ:AXGN) in a research report report published on Monday,Benzinga reports. Canaccord Genuity Group currently has a $40.00 price target on the medical equipment provider’s stock.

AXGN has been the subject of a number of other reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $41.00 price objective on shares of AxoGen in a research note on Monday, February 23rd. Wells Fargo & Company started coverage on AxoGen in a research note on Thursday, February 19th. They set an “overweight” rating and a $40.00 target price on the stock. Wall Street Zen downgraded AxoGen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Citizens Jmp boosted their price target on shares of AxoGen from $34.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 24th. Finally, HC Wainwright increased their price target on shares of AxoGen from $26.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, AxoGen has a consensus rating of “Moderate Buy” and an average price target of $39.75.

AxoGen Price Performance

AxoGen stock opened at $33.58 on Monday. The company’s 50 day simple moving average is $32.72 and its 200-day simple moving average is $27.65. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.31 and a current ratio of 5.11. AxoGen has a 1 year low of $9.22 and a 1 year high of $36.00. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -98.76 and a beta of 0.98.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings data on Tuesday, February 24th. The medical equipment provider reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The company had revenue of $59.90 million for the quarter, compared to analysts’ expectations of $59.90 million. AxoGen had a negative return on equity of 13.44% and a negative net margin of 6.97%. As a group, equities research analysts expect that AxoGen will post -0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Erick Wayne Devinney sold 5,221 shares of the business’s stock in a transaction on 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 transaction, the insider directly owned 262,781 shares of the company’s stock, valued at $8,629,728.04. The trade was a 1.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.78% of the stock is owned by insiders.

Hedge Funds Weigh In On AxoGen

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in AxoGen by 14.2% in the first quarter. Royal Bank of Canada now owns 38,043 shares of the medical equipment provider’s stock valued at $704,000 after acquiring an additional 4,723 shares in the last quarter. AQR Capital Management LLC grew its holdings in AxoGen by 45.3% during the 1st quarter. AQR Capital Management LLC now owns 23,917 shares of the medical equipment provider’s stock worth $442,000 after acquiring an additional 7,453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in AxoGen by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,185 shares of the medical equipment provider’s stock worth $466,000 after acquiring an additional 1,057 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of AxoGen by 104,810.0% in the 1st quarter. Jones Financial Companies Lllp now owns 10,491 shares of the medical equipment provider’s stock valued at $194,000 after purchasing an additional 10,481 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of AxoGen by 120.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,077 shares of the medical equipment provider’s stock valued at $88,000 after purchasing an additional 4,409 shares during the last quarter. Hedge funds and other institutional investors own 80.29% of the company’s stock.

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.