AxoGen (NASDAQ:AXGN) Sets New 52-Week High After 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 changing hands. The stock had previously closed at $32.83.

Other equities analysts have also issued reports about the company. Lake Street Capital boosted their price target on AxoGen from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Citizens Jmp upped their target price on AxoGen from $26.00 to $34.00 and gave the company a “market outperform” rating in a research note on Thursday, October 30th. Mizuho began coverage on AxoGen in a research report on Monday, December 1st. They issued an “outperform” rating and a $40.00 target price for the company. HC Wainwright boosted their price target on shares of AxoGen from $26.00 to $39.00 and gave the company a “buy” rating in a report on Friday, December 5th. Finally, Canaccord Genuity Group raised their price objective on shares of AxoGen from $27.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.56.

Insider Activity

In other news, Director Kathy Johnson Weiler sold 46,653 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $29.55, for a total transaction of $1,378,596.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Marc A. Began sold 9,278 shares of the 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 sale, the executive vice president owned 31,507 shares in the company, valued at approximately $983,333.47. This trade represents a 22.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 359,524 shares of company stock valued at $10,544,949. Corporate insiders own 2.78% of the company’s stock.

Institutional Investors Weigh In On AxoGen

A number of hedge funds have recently added to or reduced their stakes in the stock. First Light Asset Management LLC increased its position in 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 valued at $103,574,000 after acquiring an additional 1,276,487 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in shares of AxoGen by 20.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,958,406 shares of the medical equipment provider’s stock valued at $34,938,000 after purchasing an additional 332,498 shares in the last quarter. Balyasny Asset Management L.P. raised its position in AxoGen by 183.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider’s stock worth $20,953,000 after purchasing an additional 1,250,968 shares during the last quarter. Wasatch Advisors LP raised its position in AxoGen by 14.3% in the 3rd quarter. Wasatch Advisors LP now owns 1,639,351 shares of the medical equipment provider’s stock worth $29,246,000 after purchasing an additional 205,569 shares during the last quarter. Finally, Soleus Capital Management L.P. lifted its holdings in AxoGen by 0.9% during the 2nd quarter. Soleus Capital Management L.P. now owns 1,459,395 shares of the medical equipment provider’s stock worth $15,834,000 after buying an additional 13,278 shares in the last quarter. Institutional investors own 80.29% of the company’s stock.

AxoGen Price Performance

The company has a current ratio of 4.09, a quick ratio of 2.64 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -691.80 and a beta of 1.00. The company has a 50 day moving average price of $31.02 and a 200 day moving average price of $21.83.

AxoGen (NASDAQ:AXGN) last announced its quarterly earnings data 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 return on equity of 1.90% and a negative net margin of 0.98%.The firm had revenue of $60.08 million during the quarter, compared to analyst estimates of $56.90 million. As a group, equities research analysts forecast that AxoGen, Inc. will post -0.29 earnings per share for the current year.

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.