AxoGen (NASDAQ:AXGN) Shares Gap Down Following Weak Earnings

AxoGen, Inc. (NASDAQ:AXGN)’s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $41.15, but opened at $38.31. AxoGen shares last traded at $44.5120, with a volume of 317,776 shares trading hands.

The medical equipment provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.15). AxoGen had a negative net margin of 13.21% and a negative return on equity of 9.63%.

Analyst Ratings Changes

Several research firms have issued reports on AXGN. Raymond James Financial restated an “outperform” rating and issued a $48.00 price objective on shares of AxoGen in a research note on Wednesday, April 29th. Wall Street Zen upgraded AxoGen from a “hold” rating to a “buy” rating in a research note on Sunday. Canaccord Genuity Group boosted their target price on AxoGen from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Citigroup restated an “outperform” rating on shares of AxoGen in a research note on Wednesday, April 29th. Finally, Zacks Research raised AxoGen from a “strong sell” rating to a “hold” rating in a report on Friday, May 29th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.50.

Insiders Place Their Bets

In related news, Director Kathy Johnson Weiler sold 16,344 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $44.09, for a total value of $720,606.96. Following the completion of the sale, the director directly owned 16,344 shares in the company, valued at $720,606.96. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Johnson sold 11,050 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $43.26, for a total value of $478,023.00. Following the completion of the transaction, the director directly owned 11,050 shares in the company, valued at approximately $478,023. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,041 shares of company stock worth $1,268,792 over the last three months. Insiders own 2.44% of the company’s stock.

Institutional Investors Weigh In On AxoGen

A number of institutional investors have recently modified their holdings of AXGN. Stephens Investment Management Group LLC acquired a new position in AxoGen in the 4th quarter valued at $5,043,000. Legato Capital Management LLC acquired a new stake in shares of AxoGen during the 4th quarter worth $1,323,000. SG Americas Securities LLC increased its position in shares of AxoGen by 459.9% in the fourth quarter. SG Americas Securities LLC now owns 65,480 shares of the medical equipment provider’s stock worth $2,143,000 after purchasing an additional 53,786 shares during the period. F&V Capital Management LLC acquired a new position in AxoGen in the fourth quarter valued at about $5,793,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in AxoGen in the fourth quarter valued at about $800,000. Institutional investors own 80.29% of the company’s stock.

AxoGen Price Performance

The company’s 50-day moving average is $42.13 and its two-hundred day moving average is $37.22. The company has a debt-to-equity ratio of 0.08, a current ratio of 7.10 and a quick ratio of 5.33. The firm has a market cap of $2.35 billion, a P/E ratio of -69.55 and a beta of 1.09.

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.