Canaccord Genuity Group Reaffirms Buy Rating for AxoGen (NASDAQ:AXGN)

AxoGen (NASDAQ:AXGN)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They presently have a $40.00 price target on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 20.74% from the stock’s previous close.

Several other research firms also recently weighed in on AXGN. Mizuho started coverage on AxoGen in a research note on Monday, December 1st. They issued an “outperform” rating and a $40.00 price target on the stock. Lake Street Capital boosted their target price on AxoGen from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Jefferies Financial Group increased their target price on AxoGen from $29.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Wells Fargo & Company initiated coverage on AxoGen in a report on Thursday, February 19th. They set an “overweight” rating and a $40.00 price target for the company. Finally, Wall Street Zen lowered AxoGen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Nine 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.75.

AxoGen Stock Up 5.8%

NASDAQ:AXGN opened at $33.13 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 5.11 and a quick ratio of 3.31. The firm’s 50-day moving average price is $32.71 and its 200-day moving average price is $27.61. The company has a market capitalization of $1.72 billion, a PE ratio of -97.44 and a beta of 0.98. AxoGen has a 1-year low of $9.22 and a 1-year high of $36.00.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings data on Tuesday, February 24th. The medical equipment provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.01). AxoGen had a negative return on equity of 13.44% and a negative net margin of 6.97%.The business had revenue of $59.90 million for the quarter, compared to the consensus estimate of $59.90 million. On average, equities analysts predict that AxoGen will post -0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Erick Wayne Devinney sold 5,221 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $32.84, for a total value of $171,457.64. Following the transaction, the insider directly owned 262,781 shares of the company’s stock, valued at approximately $8,629,728.04. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. First Light Asset Management LLC boosted its position in shares of AxoGen by 28.2% during the third 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 buying an additional 1,276,487 shares during the last quarter. Vanguard Group Inc. raised its position in AxoGen by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 2,869,955 shares of the medical equipment provider’s stock worth $93,934,000 after buying an additional 190,557 shares during the last quarter. Morgan Stanley lifted its stake in AxoGen by 6.5% during the 4th quarter. Morgan Stanley now owns 2,586,870 shares of the medical equipment provider’s stock valued at $84,668,000 after acquiring an additional 157,029 shares during the period. ArrowMark Colorado Holdings LLC boosted its holdings in shares of AxoGen by 20.4% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,958,406 shares of the medical equipment provider’s stock valued at $34,938,000 after acquiring an additional 332,498 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of AxoGen by 183.9% during the 2nd 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. Hedge funds and other institutional investors own 80.29% of the company’s stock.

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.