AxoGen, Inc. (AXGN) Hits New 1-Year High on Analyst Upgrade

Shares of AxoGen, Inc. (NASDAQ:AXGN) reached a new 52-week high on Tuesday after Leerink Swann raised their price target on the stock from $26.00 to $30.00. Leerink Swann currently has an outperform rating on the stock. AxoGen traded as high as $26.01 and last traded at $24.30, with a volume of 322000 shares changing hands. The stock had previously closed at $23.60.

AXGN has been the subject of several other reports. BidaskClub downgraded AxoGen from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Cantor Fitzgerald reaffirmed a “buy” rating and set a $18.00 price objective on shares of AxoGen in a research note on Monday, August 21st. Wedbush reaffirmed a “buy” rating and set a $27.00 price objective (up from $22.00) on shares of AxoGen in a research note on Tuesday. Roth Capital reaffirmed a “buy” rating and set a $21.00 price objective (up from $18.00) on shares of AxoGen in a research note on Tuesday, September 12th. Finally, Lake Street Capital upped their price objective on AxoGen from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $24.40.

In other AxoGen news, Director Guido J. Neels sold 1,150,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $19.74, for a total transaction of $22,701,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert James Rudelius sold 16,143 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $18.00, for a total value of $290,574.00. Following the transaction, the director now owns 43,273 shares in the company, valued at approximately $778,914. The disclosure for this sale can be found here. 9.33% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in AxoGen by 9.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,223,069 shares of the medical equipment provider’s stock worth $20,486,000 after purchasing an additional 101,245 shares during the period. Bank of New York Mellon Corp increased its position in AxoGen by 293.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 631,563 shares of the medical equipment provider’s stock worth $12,222,000 after purchasing an additional 471,209 shares during the period. Russell Investments Group Ltd. increased its position in AxoGen by 238.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 611,678 shares of the medical equipment provider’s stock worth $10,245,000 after purchasing an additional 431,057 shares during the period. Gilder Gagnon Howe & Co. LLC increased its position in AxoGen by 1.5% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 568,124 shares of the medical equipment provider’s stock worth $9,516,000 after purchasing an additional 8,608 shares during the period. Finally, State Street Corp increased its position in AxoGen by 19.6% during the 2nd quarter. State Street Corp now owns 438,641 shares of the medical equipment provider’s stock worth $7,350,000 after purchasing an additional 71,752 shares during the period. Institutional investors own 67.89% of the company’s stock.

The company has a quick ratio of 2.95, a current ratio of 3.55 and a debt-to-equity ratio of 1.93.

AxoGen (NASDAQ:AXGN) last released its earnings results on Wednesday, November 1st. The medical equipment provider reported ($0.06) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). AxoGen had a negative return on equity of 91.00% and a negative net margin of 24.74%. The company had revenue of $16.05 million for the quarter, compared to analysts’ expectations of $15.55 million. The business’s revenue was up 43.2% compared to the same quarter last year. equities analysts expect that AxoGen, Inc. will post -0.33 EPS for the current fiscal year.

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About AxoGen

AxoGen, Inc provides surgical solutions for peripheral nerve injuries. The company’s surgical nerve repair solutions include Avance Nerve Graft, an off-the-shelf processed human nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site; AxoGuard Nerve Connector, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed nerves; and AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect injured peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments.

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