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

AxoGen, Inc. (NASDAQ:AXGN) shares 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 stock 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.

AXGN has been the subject of several other research reports. Citigroup reaffirmed a “market outperform” rating on shares of AxoGen in a research note on Thursday, October 30th. Weiss Ratings restated a “sell (e+)” rating on shares of AxoGen in a research report on Monday, December 29th. Raymond James Financial reiterated an “outperform” rating and issued a $36.00 price objective on shares of AxoGen in a research report on Thursday, December 4th. Jefferies Financial Group lifted their price objective on AxoGen from $29.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Finally, Mizuho started coverage on AxoGen in a research report on Monday, December 1st. They set an “outperform” rating and a $40.00 target price for the company. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.56.

Insider Transactions at AxoGen

In other AxoGen news, Director Kathy Johnson Weiler sold 46,653 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $29.55, for a total transaction of $1,378,596.15. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Marc A. Began sold 9,278 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $31.21, for a total value of $289,566.38. Following the completion of the sale, the executive vice president owned 31,507 shares of the company’s stock, valued at $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. Insiders sold 399,759 shares of company stock valued at $11,371,779 over the last 90 days. Corporate insiders own 2.78% of the company’s stock.

Institutional Investors Weigh In On AxoGen

A number of institutional investors have recently modified their holdings of AXGN. HighMark Wealth Management LLC lifted its stake in AxoGen by 88.7% during the third quarter. HighMark Wealth Management LLC now owns 185,085 shares of the medical equipment provider’s stock valued at $3,302,000 after buying an additional 87,000 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of AxoGen by 53.3% during the second quarter. Acadian Asset Management LLC now owns 347,726 shares of the medical equipment provider’s stock valued at $3,772,000 after acquiring an additional 120,914 shares during the period. Legal & General Group Plc raised its holdings in shares of AxoGen by 81.3% during the second quarter. Legal & General Group Plc now owns 185,481 shares of the medical equipment provider’s stock valued at $2,012,000 after acquiring an additional 83,175 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of AxoGen by 26.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,289,072 shares of the medical equipment provider’s stock valued at $22,997,000 after acquiring an additional 265,950 shares in the last quarter. Finally, Intech Investment Management LLC boosted its stake in AxoGen by 19.2% in the 2nd quarter. Intech Investment Management LLC now owns 29,278 shares of the medical equipment provider’s stock worth $318,000 after purchasing an additional 4,725 shares during the period. Institutional investors own 80.29% of the company’s stock.

AxoGen Stock Performance

The firm’s 50-day simple moving average is $30.58 and its two-hundred day simple moving average is $21.51. 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 stock has a market capitalization of $1.59 billion, a PE ratio of -689.62 and a beta of 1.00.

AxoGen (NASDAQ:AXGN) last issued its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. The business had revenue of $60.08 million for the quarter, compared to the consensus estimate of $56.90 million. AxoGen had a negative return on equity of 1.90% and a negative net margin of 0.98%. On average, equities research analysts expect that AxoGen, Inc. will post -0.29 earnings per share for the current fiscal 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.